WASHINGTON: One of Indian billionaire industrialist Gautam Adani&#39;s companies will pay the United States $275 million to settle a probe into whether it violated Washington&#39;s sanctions on Iran, the US Treasury said Monday. The Office of Foreign Assets Control (OFAC) said the agreement had been reached with Adani Enterprises Limited (AEL), part of the magnate&#39;s sprawling multinational conglomerate. &quot;AEL agreed to settle its potential civil liability for 32 apparent violations of OFAC&#39;s Iran sanctions,&quot; the Treasury said, pointing to AEL&#39;s purchases of liquefied petroleum gas (LPG) between November 2023 and June 2025. Monday&#39;s announcement came days after Adani agreed to pay a separate $18 million settlement in a US civil court case linked to corruption, without admitting guilt, according to one of his other companies. In that case, Adani was accused of participating in an estimated $250 million scheme to bribe Indian officials to secure lucrative solar energy supply contracts. Monday&#39;s US settlement announcement said AEL had cooperated with OFAC&#39;s probe and agreed to additional nonmonetary remedial measures to strengthen compliance with US sanctions. The probe focused on LPG imports arranged through a Dubai-based supplier that claimed to be exporting Omani and Iraqi gas, OFAC said. &quot;Red flags should have put AEL on notice that the LPG actually originated from Iran,&quot; the statement said. Adani Enterprises confirmed the settlement in a stock exchange filing made on Monday, saying the agreement was executed on May 14. The Adani Group is one of India&#39;s largest business empires, operating businesses ranging from ports and power plants to cement factories and media houses. Adani, one of India&#39;s richest men, has been rocked in recent years by corporate fraud allegations and a stock crash. Adani is a close ally of Indian Prime Minister Narendra Modi and hails from the leader&#39;s home state of Gujarat. India is the world&#39;s second-largest buyer of LPG, and the fourth-largest buyer of liquefied natural gas, much of which is sourced through the Middle East.

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Billionaire industrialist Gautam Adani's companies will pay the United States $275 million to settle a probe into whether they violated Washington's sanctions against Iran.

India's Adani to pay $275M settlement to US over alleged Iran sanctions violations

NEW DELHI: Indian billionaire industrialist Gautam Adani has agreed to pay a multi-million-dollar settlement in a US civil court case linked to corruption without admitting guilt, his company said Friday. The November 2024 indictment in New York accused the industrialist and multiple subordinates of deliberately misleading international investors as part of a vast bribery scheme. Adani was accused of having participated in an estimated $250 million scheme to bribe Indian officials for lucrative solar energy supply contracts. Adani, along with his nephew Sagar Adani, agreed to the &quot;payment of a civil penalty&quot; totaling $18 million, while noting that it came &quot;without admitting or denying the allegations made in the civil complaint&quot;, a letter from Adani Green Energy to the Mumbai stock exchange read. The Adani letter, which noted that the final judgement of the US court is still awaited, stressed that the &quot;company is not a party to this proceeding, and no charges have been brought against it&quot;. The New York Times said the move to abandon the charges, brought under US President Joe Biden&#39;s administration, came after Adani hired a new legal team led by Robert Giuffra, one of President Donald Trump&#39;s personal lawyers. With a business empire spanning coal, airports, cement, and media, the chairman of Adani Group has been rocked in recent years by corporate fraud allegations and a stock crash. Adani, a close ally of Indian Prime Minister Narendra Modi, was born in Ahmedabad in Gujarat state to a middle-class family but dropped out of school at 16. He moved to India&#39;s financial capital, Mumbai, to find work in the city&#39;s lucrative gem trade.

FILE: Indian billionaire and Chairman of Adani Group, Gautam Adani, attends the 51st Gem and Jewellery Awards in Jaipur, Rajasthan, India, on November 30, 2024. (Photo by Vishal Bhatnagar/NurPhoto) (Photo by Vishal Bhatnagar / NurPhoto / NurPhoto via AFP)

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Indian billionaire industrialist Gautam Adani has agreed to pay a multi-million-dollar settlement in a US civil court case linked to corruption without admitting guilt, his company said Friday.

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India's Adani to pay $275M settlement to US over alleged Iran sanctions violations

Indian magnate Adani agrees multi-million dollar penalty in US court case