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US Fines Adani Firm $275 Million for Sanctions Violations, Seeks to Drop Fraud Case

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The US Treasury Department's Office of Foreign Assets Control reached a $275 million settlement with a company founded by Indian billionaire industrialist Gautam Adani over "egregious" violations of US sanctions targeting Iran, the OFAC said in a statement on Monday.

OFAC said the case involves transactions between November 2023 and June 2025, during which Adani Enterprises purchased LPG shipments from a Dubai-based trader that claimed the cargo originated in Oman and Iraq. Regulators said multiple warning signs indicated the shipments actually originated in Iran.

During the period, the company allegedly routed 32 US dollar-denominated payments through the US financial system, totaling about $192.1 million, to facilitate the purchases.

OFAC described the violations as "egregious" and said they were not voluntarily disclosed by the company. It said the penalty reflects both the seriousness of the conduct and the company's subsequent remedial measures and cooperation once the issue was identified.

The settlement closes out OFAC's enforcement action tied to the alleged sanctions breaches involving Iranian-origin petroleum products.

Separately, news outlets reported that the Justice Department filed a motion on Monday to dismiss criminal fraud and conspiracy charges against Adani, who had been accused in 2024 of deceiving investors regarding a solar project in India and of paying large bribes to ensure the project's success.

He was charged with conspiracy, securities fraud, and wire fraud charges in connection with an arrangement for Adani Green Energy Ltd. and another firm to sell 12 gigawatts of solar power to the Indian government.

In April, Adani's attorney, Robert J. Giuffra Jr., one of US President Donald Trump's personal lawyers and the co-chairman of the prominent firm Sullivan & Cromwell, said last month his client wanted to invest $10 billion in the US but could not do so while the cases were pending, multiple new outlets reported.

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Commodities

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