MUMBAI (Diya TV) — Adani Enterprises, the flagship company of billionaire Gautam Adani’s business empire, said Tuesday that a U.S. agency is reviewing certain transactions that may have involved Iran or entities under U.S. sanctions. The company stressed that the probe is civil in nature and does not include any findings of wrongdoing. The disclosure adds to ongoing scrutiny of the Adani Group, which has faced sustained legal, regulatory, and market pressure over the past two years. News of the U.S. review briefly pushed Adani Enterprises shares lower before they pared most losses in afternoon trading.
Adani Enterprises said it received a request for information from the U.S. Treasury Department’s Office of Foreign Assets Control, known as OFAC, on Feb. 4. OFAC enforces U.S. economic and trade sanctions, including restrictions related to Iran.
The company said the request followed voluntary discussions with U.S. officials. Those discussions began after a Wall Street Journal report published in June 2025. The report alleged that Adani-linked firms imported Iranian-origin liquefied petroleum gas into India. It also claimed the shipments may have used shipping routes designed to avoid U.S. sanctions.
Adani Enterprises said it initiated contact with OFAC on its own after the media report surfaced. The company added that the agency told it that a civil investigation is underway. The review focuses on transactions processed through U.S. financial institutions that may have involved Iran, either directly or indirectly.
The company said the OFAC communication did not accuse it of violating U.S. sanctions. It also said the agency has not made any findings of non-compliance.
“We do not expect any financial impact from this matter,” Adani Enterprises said in a statement. The firm repeated its earlier position that it did not deliberately engage in sanctions evasion or trade involving Iranian-origin LPG. Adani Enterprises said it stopped all LPG imports on June 2 last year. It added that LPG made up only 1.46% of its total revenue in the 2025 fiscal year. The company said this limited exposure reduces any potential business risk tied to the investigation.
Shares of Adani Enterprises fell more than 3% after the disclosure became public. The stock later recovered most of those losses. By early afternoon in Mumbai, shares traded about 0.3% lower. Analysts said the modest recovery suggests investors are taking a wait-and-see approach. The absence of formal charges or penalties appears to have eased immediate concerns. Still, the news highlights the continued sensitivity around the Adani Group and any U.S.-linked legal issues.
The latest development comes as the Adani Group remains under intense global scrutiny. In early 2023, U.S. short seller Hindenburg Research accused the conglomerate of stock manipulation and accounting irregularities. The group has repeatedly denied those allegations.
Since then, Adani companies have faced increased oversight from regulators, lenders, and investors. Several group firms have worked to reduce debt and improve disclosure to restore confidence. U.S. authorities have also examined separate foreign bribery allegations involving the group. Those matters remain distinct from the OFAC review, according to people familiar with the situation.
The Wall Street Journal report that prompted the OFAC discussions also claimed Gautam Adani sought help from former U.S. President Donald Trump’s administration. The report said Adani aimed to have bribery charges dropped in an unrelated case. Adani Enterprises did not comment further on that claim in its latest statement. The company has previously rejected similar allegations and said it complies with all applicable laws.
OFAC civil investigations can take months or longer to conclude. They often involve detailed reviews of payment records, shipping data, and compliance controls. Not all investigations lead to penalties. For now, Adani Enterprises says it will continue to cooperate fully with U.S. authorities. The company said it remains committed to compliance with international trade and sanctions laws.
