Adani Enterprises Agrees to $275 Million Settlement with US Treasury Over Iranian Gas Purchases
Adani Enterprises Reaches $275 Million Settlement with US Treasury
Mumbai: Adani Enterprises Ltd (AEL) announced on Monday that it has reached a settlement of $275 million (approximately ₹2,650 crore) with the US Treasury for purchasing $192 million worth of sanctioned Iranian gas between November 2023 and June 2025.
As part of the settlement, AEL had previously paid $18 million to settle a separate suit brought by the US Securities and Exchange Commission. Additionally, the US Justice Department has decided to drop criminal fraud charges in that case, according to a report by Reuters citing court records.
The three developments bring an end to over 18 months of uncertainty and all ongoing investigations and charges against Adani and his conglomerate in the US. AEL informed stock exchanges that it had purchased liquified petroleum gas from a Dubai-based trader, who had led it to believe that it was from Oman and Iraq. AEL paid a total of $192,104,044 for the gas in 32 dollar-denominated tranches via US financial institutions.
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Investigation Timeline
| Date | Event |
|---|---|
| November 2023 | AEL's first shipment of liquified petroleum gas |
| 2 June 2025 | The Wall Street Journal reported on US prosecutors investigating AEL for importing Iranian LPG |
| Late June 2025 | AEL paid $18 million to settle a separate suit brought by the US Securities and Exchange Commission |
| Monday | AEL announced a settlement of $275 million with the US Treasury |
AEL had made a voluntary outreach to the US Office of Foreign Assets Control (OFAC) after the Wall Street Journal reported on the investigation. The company claimed that it cooperated with OFAC's investigation. OFAC is a financial intelligence agency of the US Treasury Department that enforces international economic and trade sanctions.
According to OFAC findings, red flags should have put AEL on notice that the LPG actually originated from Iran. AEL did not voluntarily self-disclose the apparent violations of Iran-related sanctions, and the apparent violations constitute an egregious case.
Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline
In FY26, AEL ended with a profit of ₹10,777 crore. The $275 million settlement amounts to approximately a fourth of the company's net profit.
Investor Takeaway
Investors should be cautious of potential regulatory risks associated with Adani Enterprises' past dealings.
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