US launches new probe into India's Adani over Iran trade
The probe focuses on alleged imports of Iranian liquefied petroleum gas (LPG) into India through Adani's Mundra port, located in the western state of Gujarat. An investigation by the WSJ found that tankers traveling between Mundra and the Persian Gulf often exhibited behavior commonly associated with ships attempting to evade sanctions, prompting further scrutiny into Adani's business dealings.
Adani Group said it was not aware of any investigations conducted by the US, calling the report 'baseless and mischievous.'
'Adani categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG. Further, we are not aware of any investigation by US authorities on this subject,' the company said.
In May, US President Donald Trump announced that all purchases of Iranian oil and petrochemical products must cease, warning that any country or individual found to be buying these products would be immediately subject to secondary sanctions.
The new US probe into one of India's largest conglomerates comes amid intense pressure which Adani has faced over the last two years. It began in 2023, when US investment firm Hindenburg Research released a report alleging that the Adani Group was involved in stock market manipulation. Later that year, similar allegations were raised by the Organized Crime and Corruption Reporting Project, an international platform known for its work on the Panama Papers and Pandora Papers.
Hindenburg's report led to a $150 billion loss in Adani's market value and sparked a political storm in India, with opposition parties calling for an investigation into Adani's alleged ties to Indian Prime Minister Narendra Modi.
Last year, Hindenburg extended its criticism of the Adani Group to Indian officials, alleging that the head of the country's stock exchange regulator was involved in trading the group's shares, thereby preventing a proper investigation into supposed financial irregularities. Madhabi Puri Buch, chairperson of the Securities and Exchange Board of India, has denied the claims.
In November 2024, US prosecutors indicted Gautam Adani and several top managers of his group for allegedly paying $250 million in bribes to Indian government officials to secure 'lucrative' solar power contracts. Adani Group has denied the allegations, calling them 'baseless.'
The issue of US pressure on Adani was expected to feature in talks between Modi and Trump when the Indian leader visited Washington in February this year. Modi, however, denied that these discussions took place.
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