US sanctions watchdog seeks details from Adani Enterprises on alleged Iran LPG trade
Adani Group‘s flagship firm on Tuesday said a US agency has sought information from the company over alleged import of petroleum products from Iran as part of a civil investigation into transactions with sanctioned entities. Adani Enterprises Ltd said in a stock exchange filing that it received an information request from the US Treasury Department’s Office of Foreign Assets Control (OFAC) on February 4, following voluntary discussions related to a Wall Street Journal report published in June 2025. The report had alleged that Adani-linked companies imported Iranian liquefied petroleum gas (LPG) into India using shipping routes that may have been intended to bypass US sanctions.
“The company is voluntarily engaging and fully cooperating with OFAC and will supply the requested information,” it said, adding the communication received from the US authority “does not contain any findings of aberrations/ non-compliances.” The WSJ report in June last year stated that US prosecutors were investigating whether Adani Group companies imported Iranian LPG into India through their Mundra port in Gujarat.
“By policy, the Adani Group does not handle any cargo from Iran at any of our ports. This includes any shipments originating from Iran or any vessels operating under the Iranian flag,” the conglomerate had said when the news first appeared in June last year. It had gone on to state that the group “does not manage or facilitate any ships whose owners are Iranian. This policy is strictly adhered to across all our ports”.
The WSJ report claimed that its investigation had found tankers travelling between Mundra and the Persian Gulf exhibited traits experts say are common for ships evading sanctions. Purchase of Iranian oil or products is sanctioned over Tehran’s suspected nuclear programme. Calling the report “baseless and mischievous“, the Adani Group had said it “categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG”.
On Tuesday, AEL said it had “proactively and voluntarily” initiated discussions with OFAC over allegations raised in the report, adding that the US agency had indicated that it is conducting a civil investigation into certain company transactions processed through US financial institutions that may have involved, directly or indirectly, Iran or parties subject to US sanctions.
The company said that it had stopped all LPG imports from June 2 last year and that LPG accounted for 1.46 percent of its revenue in fiscal 2025. “LPG formed a very small and operationally non-material component of the company’s (1.46 percent) and the Adani Group’s (0.5 percent) overall revenue in FY24-25.”
“Nonetheless, out of abundant caution and as part of its co-operation efforts, the company ceased all LPG imports with effect from 2nd June 2025,” it said. The Adani Group has faced sustained scrutiny since early 2023, when US short seller Hindenburg Research accused it of stock manipulation and accounting irregularities – allegations the conglomerate has denied and which have not been proven in any court. Hindenburg Research has since shut down.
Previous week, Gautam Adani and nephew, Sagar Adani, joined the US SEC’s probe into bribery in India’s solar energy project, involving their US subsidiary company named Azure. Through the firm Azure, more than 250 million dollars was paid as a bribe to India’s solar energy project.[1]
Reference:
[1] Adani agrees to receive legal notice in the US SEC civil fraud case, to respond within 90 days – Jan 31, 2026, PGurus.com
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