Adani Enterprises to pay $275 million settlement to the US treasury for buying Iranian gas
Mumbai: Adani Enterprises Ltd (AEL) on Monday announced revenues of $275 million (approx. ₹2,650 crore) agreement with the US Treasury for the purchase of sanctioned Iranian gas worth $192 million between November 2023 and June 2025.
Late last week, Adani and his nephew paid $18 million to settle a separate lawsuit filed by the U.S. Securities and Exchange Commission. On Monday, Reuters The U.S. Department of Justice has decided to drop criminal fraud charges in the case, the agency reported, citing court records.
These three developments brought an end to more than 18 months of uncertainty by closing the curtain on all ongoing investigations and accusations against Adani and its US holding company.
AEL reported to exchanges that it had purchased liquefied petroleum gas from a Dubai-based trader, leading it to believe it came from Oman and Iraq. AEL paid a total of $192,104,044 for the gas in 32 dollar tranches through US financial institutions.
The flagship company of the Adani Group has made a voluntary contribution to the US Office of Foreign Assets Control (OFAC). The Wall Street Journal reported On June 2, 2025, it was reported that US prosecutors were investigating whether he imported LPG from Iran. The company claimed it was cooperating with OFAC’s investigation. OFAC is a financial intelligence agency of the U.S. Treasury Department that enforces international economic and trade sanctions.
OFAC findings
“OFAC determined that red flags should have alerted AEL that the LPG was in fact of Iranian origin and that the company did not voluntarily disclose apparent violations of Iran-related sanctions and that the apparent violations constituted a grave situation,” AEL’s stock market statement said.
AEL ends with profit ₹10,777 crore in FY26. In other words, a $275 million deal corresponds to approximately one quarter of the company’s net profit.
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. He said these ships exhibited behavior typical of ships trying to conceal their activities. 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.
“In fact, as early as AEL’s first shipment, there were indications that the cargoes did not originate from the regions identified on the certificates of origin,” OFAC said in a statement Monday.
OFAC said the first shipment in November 2023 was allegedly loaded in Sohar, Oman. However, at that time, there were no facilities to export fully cooled LPG in Sohar. OFAC stated that Omani LPG exports mainly occur through the port of Salalah.
Moreover, the gas purchased by Adani was priced at a significant discount to prevailing market prices; This should have alerted the company to further scrutiny to verify its source.
“AEL does not appear to have taken adequate steps to investigate these red flags beyond reviewing shipping documents and obtaining assurances from the Dubai Supplier that it did not sell LPG of Iranian origin after receiving certain third-party allegations,” OFAC said.
