The U.S. Department of Treasury on Monday announced a USD 275 million settlement with India’s Adani Enterprises Ltd over the company’s potential civil liability arising from 32 apparent violations of U.S. sanctions on Iran. In a statement, the Treasury Department’s Office of Foreign Assets Control (OFAC) said Adani Enterprises had purchased shipments of liquefied petroleum gas (LPG) from a Dubai-based trader that claimed the supplies originated in Oman and Iraq. However, U.S. authorities alleged that the shipments had actually originated from Iran, in violation of American sanctions. The settlement marks another major legal development involving the Adani Group in the United States. Separately, the U.S. Securities and Exchange Commission (SEC) last week reached a proposed settlement in a civil lawsuit against Indian billionaire Gautam Adani over allegations linked to a bribery scheme involving Indian government officials. Court records showed the agreement remains subject to judicial approval.
Meanwhile, the U.S. Department of Justice is reportedly close to dropping related criminal fraud charges against Adani, according to sources familiar with the matter. The development comes as Adani has pledged investments worth USD 10 billion in the U.S. economy, a move expected to generate thousands of jobs.