Adani Enterprises says facing US probe over alleged Iran-linked LPG trade
Mumbai: Adani Enterprises Ltd said on Tuesday that a US agency is probing the company’s transactions to see whether it was trading in Iranian oil products under American sanctions, marking the third parallel US investigation into the company’s ports-to-energy conglomerate.
The flagship firm of the Adani Group said in a regulatory statement that it had made a voluntary assistance to the US Office of Foreign Assets Control (OFAC). Wall StreetJournal On June 2, 2025, it was reported that US prosecutors were investigating whether he imported liquefied petroleum gas (LPG) from Iran. The company did not explain when this aid was provided.
Following its voluntary engagement with OFAC, the US agency filed a request for information (RFI) with Adani Enterprises through its counsel on February 3, the company said in its stock exchange filing.
“In the RFI, OFAC also stated that it was conducting a civil investigation of the Company’s transactions conducted through U.S. financial institutions that may relate directly or indirectly to Iran or to the interests of persons subject to U.S. sanctions against Iran,” Adani Enterprises said. he said.
The company also said, “The Company is voluntarily engaging and fully cooperating with OFAC and will provide requested information.”
OFAC is a U.S. Treasury Department agency that administers and enforces economic and trade sanctions.
This begins a third investigation by US prosecutors into the Ahmedabad-based conglomerate. The U.S. Department of Justice (DoJ) and the U.S. Securities and Exchange Commission (SEC) have filed criminal and civil lawsuits, respectively, against billionaire promoter Gautam Adani and his nephew Sagar Adani, alleging that they bribed unnamed government officials in India and raised capital while failing to disclose it to U.S. investors.
Adani Group did not respond MintQuestions regarding the timing of voluntary outreach to OFAC. OFAC also had no comment.
Shares of Adani Enterprises fell 1% ₹On Tuesday, the BSE traded at 2,227.55 points against a 0.25% rise in the Sensex. The company made the announcement during market hours.
WSJ Last June, it had reported that Adani was investigating a group of LPG tankers traveling between the Mundra port in Gujarat and the Persian Gulf. It was stated that these ships exhibited behavior typical of ships trying to hide their activities. For example, tracking data for a tanker showed it was in the southern Iraqi port of Khor al Zubair on April 3, 2024, but satellite images from that day did not show the ship being there. Instead, a similar-looking ship was present at an LPG terminal in Tonbuk, Iran, on the same day.
This ship eventually discharged LPG at Mundra port. WSJ reported.
Adani Group denied these allegations at the time. It said it did not do any business with any entity facing U.S. sanctions.
Moreover, LPG business was a relatively small portion of Adani Enterprises’ overall business, accounting for just 1.5% of its FY25 revenue. ₹The company said 1 trillion.
Additionally, Adani Enterprises “out of an abundance of caution” and “as part of cooperative efforts” has stopped all LPG imports since June 2 last year. WSJ The report has been published.
