Gautam Adani's Group Faces New U.S. Probe Over Alleged Iranian LPG Imports

U.S. prosecutors are reportedly looking into whether Indian billionaire Gautam Adani's companies shipped Iranian liquefied petroleum gas (LPG) into India through the Mundra port in violation of U.S. sanctions. The Wall Street Journal (WSJ) reported on Monday U.S. Justice Department officials are looking into the activities of several tankers that they suspect shipped Iranian-origin LPG to Adani Enterprises.

The WSJ investigation suggests boats moving between Adani's Mundra port in Gujarat and the Persian Gulf exhibited behaviors that would be indicative of sanctions evasions, such as ship-to-ship transfer and a history of disabling their signals. These measures are common on ships trying to disguise their origins and destinations.

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Adani Group categorically denied any sanctions violations in a statement to the WSJ, stating, “We are not aware of any investigation by US authorities on this subject.”

The probe follows more strict enforcement of sanctions against Iran by the U.S. In 2019 the Trump administration said any entity purchasing Iranian oil or petrochemicals would risk secondary sanctions.

Last month, Trump posted of Truth Social, “Any Country or person who buys ANY AMOUNT of OIL or PETROCHEMICALS from Iran will be subject to, immediately, Secondary Sanctions. They will not be allowed to do business with the United States of America in any way, shape, or form."

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In January 2023, Hindenburg Research, based in the U.S., published a devastating 33,000-word report accusing the Adani Group of violating Indian securities laws. Hindenburg stated in the report that members of Adani's family had secretly controlled a substantial portion of long-term shares of the company's stock through a web of offshore entities. Adani Group stocks fell dramatically when the news broke, though some of those losses have now been regained.

The conglomerate faced further scrutiny in Nov 2024, when US prosecutors charged Gautam Adani with fraud for allegedly bribing Indian officials approximately $250 million to obtain solar power contracts worth billions.

The Adani Group dismissed the Hindenberg report as “nothing but a lie” and called the US government allegations "baseless."

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