Adani Enterprises Ltd (AEL), the apex company of the corporate group led by billionaire Gautam Adani, “consented to disburse USD 275 million to resolve its prospective civil liability for manifest breaches of OFAC sanctions on Iran”.
New Delhi/New York : The Adani Group on Monday reached a settlement with the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) regarding a matter involving alleged sanctions violations. Following this, the Group extended “full cooperation” during the investigation and “voluntarily disclosed” the findings.
The case pertained to apparent violations involving the import of Iranian LPG through the Mundra Port in Gujarat.
Adani Enterprises Ltd. (AEL)—the flagship company of billionaire Gautam Adani’s group—”has agreed to pay USD 275 million to settle its potential civil liability for apparent violations of OFAC sanctions on Iran.”
According to the company’s disclosure, this settlement does not constitute an admission of guilt or wrongdoing by any party and resolves all liabilities associated with the matter.
Between November 2023 and June 2025, AEL purchased shipments of Liquefied Petroleum Gas (LPG) from a Dubai-based trader, which were ostensibly intended to be supplies of Omani and Iraqi gas. The Dubai-based supplier portrayed itself as a reputable intermediary primarily sourcing LPG from Oman and Iraq; however, in reality, the company served as a conduit for marketing illicit supplies originating from Iran.
Detailing the settlement, the OFAC order stated: “None of the parties involved in AEL’s LPG imports were subject to sanctions at the time of the LPG shipments, nor did any documents provided to AEL contain information explicitly indicating the Iranian origin of the LPG.”
However, the sanctions compliance programs of AEL and Adani Ports and SEZ lacked additional safeguards designed to mitigate the risks associated with such transactions. It stated, “In June 2025, following allegations in a public report that AEL was involved in the import of Iranian LPG, AEL immediately halted all LPG imports and engaged U.S.-based counsel to conduct a comprehensive investigation into the company’s LPG business.”
The order noted that AEL “cooperated extensively with OFAC’s investigation, which included voluntarily disclosing the findings of its internal inquiry, producing voluminous documentation, providing truthful responses to all of the agency’s inquiries, and promptly resolving its potential liability.”
Furthermore, AEL has implemented significant enhancements to its sanctions compliance program, which apply across the entire AEL corporate group. This marks the second case in the United States to be concluded within the last few days. Last week, Adani and his nephew, Sagar, agreed to pay USD 18 million to settle charges brought by the U.S. Securities and Exchange Commission (SEC). The charges alleged that they had misled investors by concealing an alleged bribery scheme while attempting to raise funds for the group’s renewable energy unit.
This settlement was part of a broader resolution U.S. authorities were nearing with Adani, which also included the Department of Justice dismissing criminal fraud charges and the Department of the Treasury imposing civil penalties for violations of sanctions against Iran.
Under OFAC guidelines, the statutory maximum penalty—based on the value of the transactions under review—could have reached approximately USD 384 million. However, citing the company’s voluntary self-reporting, proactive engagement, and corrective compliance measures, the agency reduced the final settlement amount to USD 275 million.
The case originated in 2025, when Adani voluntarily self-reported the matter to OFAC after discovering that a vessel carrying Iranian LPG had docked at Mundra Port. In February 2026, the company disclosed that OFAC had officially requested information regarding transactions dating back to June 2023, in order to determine whether payments processed through U.S. financial institutions indirectly involved sanctioned Iranian entities.
Subsequently, Adani Enterprises halted all LPG imports, strengthened its sanctions compliance processes, and implemented additional internal controls. OFAC cited these remedial actions—along with the compliance commitments made by the company—as the primary reasons behind the reduced settlement amount.
The OFAC matter was distinct from the high-profile investigations conducted by the U.S. Department of Justice and the Securities and Exchange Commission, which involved Gautam Adani and other executives.
The simultaneous resolution of the DOJ, SEC, and OFAC matters—following months of regulatory and investor scrutiny—is expected to clear a major legal hurdle for the Adani Group.
Despite these investigations, the Group continued to expand its infrastructure, logistics, and energy businesses. Company filings indicate that the Adani Group’s listed entities reported a record EBITDA of approximately USD 5.3 billion in the first half of FY26, while capital expenditure during the same period was estimated at approximately USD 17 billion.
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