Indian billionaire Gautam Adani and his company, Adani Enterprises, settled allegations of violating US sanctions on Iran by agreeing to pay $275 million to the US Treasury Department, the Treasury announced on May 18, 2026 [1, 2, 3]. The violations involved Adani Enterprises purchasing liquefied petroleum gas shipments from a Dubai-based trader who claimed the gas originated in Oman and Iraq, while the gas actually came from Iran [1, 4, 2]. The Treasury described the violations as "egregious and not voluntarily self-disclosed" [4].
At the same time, the US Department of Justice filed a motion to drop criminal bribery and fraud charges against Gautam Adani related to solar power projects in India [1, 4, 2, 3]. The DOJ said in court filings it decided "not to devote further resources to these criminal charges" [4]. The dismissal is subject to federal court approval and is classified as a substantive dismissal "with prejudice," preventing future prosecution on the same charges [2, 3].
The US Securities and Exchange Commission also settled a civil lawsuit alleging that Adani and his nephew bribed Indian officials and misled investors. The SEC agreement is pending court approval [1, 4, 2, 3].
Adani had been accused of paying more than $250 million in bribes to secure contracts for what is said to be India’s largest solar power plants, and raising over $3 billion in loans and bonds by hiding corruption from investors and lenders [1, 4, 2, 3]. Adani is estimated to be worth about $82 billion and is known as a close ally of Indian Prime Minister Narendra Modi [1, 2, 3].
Reports indicate Adani pledged a $10 billion investment in the US economy, which reportedly influenced the DOJ's decision to drop charges [1, 2].
The charges arising from the bribery allegations were initially filed in a New York federal court in November 2024 [4]. On May 18-19, 2026, the US Treasury, DOJ, and SEC finalized the settlement and drop motions [1, 4, 2, 3]. The DOJ's dismissal awaits court approval before taking full effect.
