Mumbai — Adani Enterprises disclosed on Tuesday that the U.S. Office of Foreign Assets Control is conducting a civil investigation into transactions that may have involved Iran or entities under U.S. sanctions. The company emphasized the probe contains no findings of wrongdoing and that it is cooperating voluntarily with the American regulator.
This disclosure comes after allegations surfaced in June 2025 regarding potential Iranian oil product imports.
Key Facts
• The Request for Information was received on February 4, 2026, covering transactions from June 2023 to present
• Adani Enterprises ceased all liquefied petroleum gas imports on June 2, 2025, the day the Wall Street Journal published its investigation
• LPG contributed only 1.46 percent of Adani Enterprises' revenue and approximately 0.5 percent of the entire Adani Group's revenue in fiscal year 2025
Adani Enterprises voluntarily initiated discussions with OFAC following a Wall Street Journal report alleging that companies controlled by billionaire Gautam Adani imported Iranian-origin liquefied petroleum gas through the Mundra port in Gujarat.
The U.S. regulator's request focuses specifically on transactions processed through American financial institutions that may have directly or indirectly involved Iran or sanctioned entities. The investigation spans nearly three years of business activity.
The company immediately stressed that OFAC has not imposed any penalties, sanctions, or restrictions at this stage. The agency's communication also contained no findings of aberrations or compliance violations, according to the company's regulatory filing.
As a precautionary measure even before receiving the formal information request, Adani Enterprises halted all LPG imports on June 2, 2025. The company described this business segment as operationally non-material to its overall operations.
Adani Group had previously denied deliberate engagement in sanctions evasion, stating the Iranian cargo was handled through routine commercial transactions via third-party logistics partners with documentation identifying Sohar, Oman, as the port of origin.
The disclosure triggered immediate market reaction as Adani Enterprises shares fell as much as two percent on the news. The stock subsequently recovered some losses, closing down 0.
69 percent at 2,234. 50 Indian rupees.
The company committed to providing all information requested by OFAC and pledged full cooperation with the U.S. regulator.
the company stated in its exchange filing.
This U.S. investigation represents a significant moment for one of India's largest conglomerates as it navigates international sanctions compliance scrutiny. The civil nature of the probe suggests authorities are examining past conduct rather than pursuing criminal charges at present.
Do You Know?
The Mundra port, through which the alleged Iranian shipments passed, is operated by Adani Ports and Special Economic Zone Limited and handles millions of tons of cargo annually, making it one of India's busiest shipping terminals.
Key Terms
• OFAC: The U.S. Office of Foreign Assets Control, a Treasury Department agency that enforces economic sanctions against foreign countries and entities
• Request for Information: A formal document from regulatory authorities seeking specific data or documentation related to potential violations
• LPG: Liquefied petroleum gas, a flammable hydrocarbon gas used as fuel for heating, cooking, and vehicles
• Sanctions Evasion: Attempting to circumvent government-imposed trade restrictions or financial penalties against specific countries or entities
• Civil Investigation: A regulatory inquiry focused on determining whether rules were broken, distinct from criminal prosecution
Image from Wikimedia Commons