Adani Enterprises Reaches $275 Million Settlement With Treasury

Adani Enterprises Ltd. agreed to pay $275 million over a probe by the Office of Foreign Assets Control, putting the Indian conglomerate a step closer to resolving its legal troubles in the U.S.

The Treasury Department said on Monday the settlement agreement related to purchases that the company made of shipments of liquefied petroleum gas from a Dubai-based trader. “Red flags should have put AEL on notice that the LPG actually originated from Iran,” Treasury said in a statement, referring to Adani Enterprises, the flagship company of the Adani Group conglomerate.

According to Treasury, between November 2023 and June 2025, the transactions resulted in U.S. financial institutions processing about $192 million in payments for the shipments. Treasury said the settlement agreement related to apparent violations of Iran-related sanctions.

“This case highlights the risks and potential costs that non-US companies are exposed to when using the US financial system for transactions that involve the purchase, sale, and maritime transport of energy products from regions with a high risk of sanctions evasion activity,” the Treasury said in a release detailing its enforcement action.

Adani Enterprises said earlier this year that it received a request for information from the U.S. Office of Foreign Assets Control related to transactions that may have involved Iran. That came after the Wall Street Journal reported that Adani companies were being probed by US prosecutors about imports of Iranian liquefied petroleum gas through a port in Mundra.

SEC, DOJ

Separately, last week the Securities and Exchange Commission said it had reached an agreement to settle a civil fraud lawsuit against Gautam Adani and his nephew Sagar for a total of $18 million. The Justice Department is also moving to drop fraud charges against Gautam Adani in a parallel criminal case, Bloomberg News has reported.

A sweeping set of resolutions with U.S. authorities could be a significant boon to the Adani Group, whose interests range from coal mining to renewable energy and airports. It could clear the decks for the conglomerate to resume an aggressive expansion strategy.

Shortly after Donald Trump won the 2024 election, Gautam Adani congratulated the president and pledged to invest $10 billion in U.S. energy and infrastructure projects. Then India markets were rocked when the U.S. Attorney’s Office in Brooklyn unveiled a five-count indictment that Adani and other defendants allegedly helped drive a bribery scheme.

The SEC alleged in its parallel suit that Gautam Adani spearheaded an effort to pay or promise hundreds of millions of dollars in bribes to Indian officials to induce them to enter contracts that Adani Green needed to develop India’s largest solar power plant project.

Bloomberg News has reported that since the DOJ and SEC cases were filed, Adani built a political influence operation in the U.S. that included lawyers for white-shoe law firms and lobbyists.

Top photo: The Adani Group headquarters in Ahmedabad, India, on Monday, Nov. 3, 2025. Bloomberg.