- Thursday, June 05, 2025
The ports-to-power conglomerate denied Wall Street Journal report of US prosecutors probing its links with suspected import of LPG from Iran
By: India Weekly
ADANI GROUP has denied “any deliberate engagement” in sanctions evasion or trade involving Iranian-origin liquefied petroleum gas, after the Wall Street Journal reported that US prosecutors were probing whether any of its group companies had imported Iranian LPG through their Mundra port in Gujarat.
An Adani spokesperson on Monday (2) called the report “baseless and mischievous” in a statement, adding: “We are not aware of any investigation by US authorities on this subject.”
In a stock exchange filing, the ports-to-power conglomerate denied reports of links between any of its entities and Iranian LPG.
“By policy, the Adani Group does not handle any cargo from Iran at any of our ports. This includes any shipments originating from Iran or any vessels operating under the Iranian flag,” it stated in the filing.
The WSJ said it had found tankers travelling between the Gulf and billionaire Gautam Adani’s Mundra port exhibiting traits that experts say are common for ships evading sanctions.
It said the US Justice Department was reviewing the activities of several LPG tankers used to ship cargoes to Adani Enterprises, the group’s flagship entity, citing people familiar with the matter.
Reuters could not immediately confirm the report and the US Department of Justice and the US Attorney’s Office in Brooklyn did not immediately respond to requests for comment.
Adani said all its LPG trade, which accounts for 1.46 per cent of Adani Enterprises’ total revenue, was fully compliant with domestic and international laws, including US sanctions regulations.
A shipment referred to by the WSJ was handled as a “routine commercial transaction” via third-party logistics partners and supported by documentation identifying Sohar, Oman, as the port of origin, Adani said.
US president Donald Trump said in May that any party buying Iranian oil or petrochemical products would immediately be subject to secondary sanctions.
Last November, US authorities indicted Adani and his nephew, Sagar Adani, on suspicion of paying bribes to secure power supply contracts and misleading US investors during fund-raising in the United States.
Adani Group has denied the accusations and vowed to fight them.
In 2023, Adani Group saw billions of dollars wiped from its market value after a bombshell Hindenburg report accused it of “brazen” corporate fraud.
