Adani Enterprises has disclosed that it is facing a civil investigation by a United States government agency over certain past transactions that may have involved Iran or entities subject to U.S. sanctions. The disclosure was made through a regulatory filing dated February 10, 2026.
The investigation is being conducted by the U.S. Office of Foreign Assets Control, or OFAC, which functions under the U.S. Treasury Department. OFAC is responsible for enforcing U.S. economic and trade sanctions worldwide.
The company stated that it received a formal Request for Information from OFAC on February 4, 2026. This request followed voluntary discussions between Adani Enterprises and U.S. authorities after media reports raised questions about specific trade activities.
Adani Enterprises clarified that the investigation is civil in nature and does not include any findings of violations or non-compliance at this stage. The company also stated that no penalties, enforcement actions, or restrictions have been imposed.
Details of the OFAC inquiry and company response
According to the regulatory filing, the OFAC inquiry relates to transactions that may have involved Iran or parties subject to U.S. sanctions. U.S. sanctions laws can apply to non-U.S. companies if transactions involve the U.S. financial system, U.S. currency, or U.S.-linked intermediaries.
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Adani Enterprises said it is cooperating voluntarily with OFAC and responding to the request for information. The company emphasized that the communication from the U.S. agency is part of a standard information-gathering process.
The company also stated that it does not expect the investigation to have any material financial impact. Civil investigations typically focus on reviewing documents and records to assess compliance with applicable regulations.
Adani Enterprises further clarified that the inquiry does not represent a conclusion or determination of wrongdoing. The company noted that such regulatory requests are common when authorities review cross-border transactions.
The investigation follows a report published by the Wall Street Journal in June 2025. The report alleged that firms linked to the Adani Group had imported liquefied petroleum gas, or LPG, originating from Iran into India.
Iran is subject to strict U.S. sanctions, especially in the energy sector. The report claimed that shipping routes may have been structured in a way that concealed the origin of the LPG cargo.
After the report was published, Adani Enterprises entered into voluntary discussions with U.S. authorities. The formal request from OFAC was issued several months later, asking for details related to the reported transactions.
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The company stated that the LPG business referred to in the report accounted for approximately 1.46 percent of its total revenue in the financial year 2025.
Business impact and wider regulatory scrutiny
Adani Enterprises confirmed that it discontinued LPG imports in June 2025. According to the company, this decision was taken as a precautionary measure and was not linked to any finding of wrongdoing by regulators.
The company emphasized that the discontinuation occurred before any formal conclusion or enforcement action by U.S. authorities. It also reiterated that no penalties or restrictions have been imposed as part of the current inquiry.
The Adani Group, led by Gautam Adani, has been under heightened scrutiny since early 2023. During that period, U.S. short seller Hindenburg Research made allegations related to stock manipulation and accounting practices. The group has denied those allegations.
Although the current OFAC investigation is separate, repeated regulatory attention can increase scrutiny from investors, regulators, and business partners. Even without confirmed violations, such developments can influence market sentiment.
The case also highlights the global reach of U.S. sanctions enforcement. Transactions conducted outside the United States may still fall under U.S. oversight if they involve international financial systems or dollar-based trade.
As of now, the investigation remains ongoing, with no findings, penalties, or enforcement actions announced.