An Indian company has agreed to pay $275 million to settle allegations that it purchased Iranian liquefied petroleum gas (LPG) in violation of U.S. sanctions, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced Monday.
The OFAC settlement with Adani Enterprises Limited (AEL) follows a decision May 14 by the Securities and Exchange Commission (SEC) to settle its 2024 case against Gautam Adani and his nephew, Sagar Adani, concerning allegations of bribery and fraud in solar contracts in India, for $18 million, according to an SEC litigation release.
