In a significant regulatory development, Adani Enterprises disclosed on February 10, 2026, that it is under civil investigation by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) regarding potential violations of Iran sanctions.
The probe follows a series of investigative reports and media allegations—most notably from the Wall Street Journal in June 2025—claiming that Adani entities were involved in importing Iranian Liquefied Petroleum Gas (LPG) into India.
Chronology of the Allegations
- June 2, 2025: The Wall Street Journal published a report alleging that tankers linked to Adani’s operations used AIS spoofing (manipulating location data) to hide port calls in Iran before delivering LPG to the Adani-operated Mundra Port in Gujarat.
- February 4, 2026: Adani Enterprises received a formal Request for Information (RFI) from OFAC. The U.S. authority is examining transactions processed through U.S. financial institutions from June 2023 to the present.
- February 10, 2026: Adani shares fell as much as 3.5% following the official disclosure of the RFI in regulatory filings.
The Adani Group’s Response
The conglomerate has maintained a firm stance of denial, describing the allegations as “baseless and mischievous.”
1. Proactive Cooperation
Adani Enterprises stated that it has voluntarily initiated discussions with OFAC following the initial media reports. The company emphasized that the current RFI is part of a civil investigation and does not contain any findings of wrongdoing or non-compliance at this stage.
2. Operational “Precaution”
Out of “abundant caution,” the group ceased all LPG imports effective June 2, 2025. Adani argues that the financial impact is minimal, as the LPG segment accounted for only 1.46% of Adani Enterprises’ revenue and 0.5% of the total Group revenue in FY25.
3. Verification of Origins
The company maintains that it purchases LPG through contracts with reputable international suppliers and relies on documentation showing Sohar, Oman, as the port of origin for the shipments in question.
Wider Legal Context
This probe adds to a growing list of legal challenges for the Adani Group in the United States:
- Bribery Charges: U.S. prosecutors have already indicted Gautam Adani and his nephew Sagar Adani for allegedly paying over $250 million in bribes to Indian officials to secure solar energy contracts.
- Market Manipulation: The group continues to navigate the fallout from the 2023 Hindenburg Research report, which alleged stock manipulation and accounting fraud.
Current Market Impact
| Entity | Stock Impact (Feb 10, 2026) |
| Adani Enterprises | Fell ~3.5% |
| Adani Ports & SEZ | Impacted by Mundra port scrutiny |
| Investor Sentiment | Cautious; awaiting OFAC’s final findings |
