US Treasury, India’s Adani Enterprises settle alleged Iran sanctions violations
May 18, 2026 09:01 pm
The U.S. government said on Monday India’s Adani Enterprises agreed to pay $275 million to settle alleged sanctions violations involving Iran, as the Trump administration moved to resolve several cases involving Indian billionaire Gautam Adani.
The U.S. Treasury Department said Adani Enterprises had bought shipments of liquefied petroleum gas from a Dubai-based trader purporting to supply Omani and Iraqi gas that had actually originated from Iran. Adani is the company’s founder and chairman.
The U.S. Securities and Exchange Commission separately settled a civil lawsuit against Adani over an alleged scheme to bribe Indian government officials, court records showed last week, although the move is subject to court approval.
The Justice Department is also close to dropping related criminal fraud charges against Adani, who has promised to invest $10 billion in the U.S. economy, according to two sources familiar with the matter. That dismissal could come as soon as Monday morning, one source said.
U.S. prosecutors had charged Adani for allegedly agreeing to pay $265 million in bribes to Indian government officials so his company could win approval to develop India’s largest solar power plant.
Adani and his alleged co-conspirators raised more than $3 billion in loans and bonds by hiding their corruption from lenders and investors, prosecutors said. The Adani Group, a conglomerate that includes Adani Enterprises, has consistently denied any wrongdoing.
Adani, a close ally of Indian Prime Minister Narendra Modi, is one of the world’s richest people, with an estimated worth of $82 billion, according to Forbes magazine.
Source: Reuters
-- Agencies
