OFAC settlement sees Adani Group pay USD 275 million over alleged Iran LPG sanctions violations

Adani Group agreed to pay USD 275 million to resolve US allegations linked to Iran sanctions. The U.S. Treasury Department’s Office of Foreign Assets Control, or OFAC, said Adani Enterprises offered strong support during the probe. The settlement closed related liabilities and did not amount to a guilt finding. OFAC said the case involved 32 apparent breaches tied to liquefied petroleum gas imports.

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The issue centred on LPG cargoes that entered India through the APSEZ-run Mundra port in Gujarat. OFAC said Adani Enterprises bought LPG from a Dubai-based trader. The trader claimed the gas came from Oman and Iraq. OFAC said the supplies actually originated from Iran, using the Dubai firm as a channel.

Adani Enterprises OFAC settlement over Iran sanctions

OFAC said the purchases ran from November 2023 to June 2025. None of the parties in the imports were sanctioned then. OFAC also said paperwork given to Adani Enterprises did not clearly show an Iranian source. Still, OFAC said Adani Enterprises and Adani Ports & SEZ lacked added checks to address risks from such dealings.

Under OFAC rules, the statutory maximum penalty could have been about USD 384 million. OFAC set the final amount at USD 275 million. The agency pointed to voluntary self-reporting, active engagement, and compliance fixes. OFAC also said Adani Enterprises gave large records, answered queries, and disclosed results early.

In a stock exchange filing, AEL said it has entered into a settlement agreement with OFAC. "Pursuant to the Settlement Agreement, the company has undertaken to pay the settlement amount of USD 275 million to OFAC.\" AEL also said, \"AEL said the settlement is without admitting the allegations made by OFAC.\"

Adani Enterprises OFAC settlement timeline and disclosures

The matter began after Adani self-reported the issue to OFAC in 2025. The report followed the discovery of a vessel carrying Iranian-origin LPG at Mundra Port. In February 2026, the company disclosed OFAC had sought details. The request covered transactions dating back to June 2023. OFAC assessed if US bank channels touched sanctioned Iranian entities.

After public reports in June 2025, Adani Enterprises suspended all LPG imports. The company hired US-based legal counsel to run a broad review of its LPG business. OFAC said Adani Enterprises later improved sanctions controls across its corporate group. The agency cited these steps as reasons for the reduced settlement amount.

Adani Enterprises OFAC settlement alongside SEC and DOJ matters

The OFAC case was separate from US probes involving the Justice Department and Securities and Exchange Commission. Another US case also closed recently. Last week, Adani and nephew Sagar agreed to pay USD 18 million. The SEC alleged investors were misled while raising funds for the renewables unit. That outcome was linked to wider talks, including a DOJ dismissal and an OFAC civil penalty.

AEL said the settlement figure was below the USD 384.2 million maximum. AEL said OFAC had not issued a penalty notice or Finding of Violation in five years before the deals. AEL also said LPG formed a small share of revenue. AEL pointed to substantial cooperation, remedial work, and added compliance commitments as key factors.

Company filings showed the group kept expanding in infrastructure, logistics, and energy. Listed entities reported record EBITDA of about USD 5.3 billion in the first half of FY26. Capital expenditure during the same period was estimated near USD 17 billion. The group said the combined closure of DOJ, SEC, and OFAC matters could ease legal pressure after months of scrutiny.

With inputs from PTI