The Adani Group is once again under global scrutiny as the US Department of Justice investigates whether the Indian conglomerate has been involved in importing Iranian liquefied petroleum gas (LPG) into India through its Mundra port in Gujarat. The Wall Street Journal (WSJ) reported that several vessels may have secretly transported Iranian-origin LPG, potentially violating US-imposed sanctions on Iran.
According to the WSJ, the ships in question displayed common tactics linked to sanction evasion—such as turning off transponders (signal blackouts) and conducting ship-to-ship transfers in the Persian Gulf. These actions often indicate attempts to hide a vessel’s true origin and destination.
Despite the serious nature of the allegations, the Adani Group has categorically denied any wrongdoing. In an official statement issued to WSJ, the company said:
“We are not aware of any investigation by US authorities on this subject.”
What Are the Allegations?
The probe comes as the United States intensifies its enforcement of sanctions against Iran. These sanctions prohibit any person or company from trading oil or petrochemical products with Iran. Former US President Donald Trump reiterated on Truth Social in 2023 that:
“Any Country or person who buys ANY AMOUNT of OIL or PETROCHEMICALS from Iran will be subject to secondary sanctions.”
If proven true, Adani’s actions could trigger serious diplomatic and financial consequences. The potential violation also reopens older allegations against the group, which has faced several controversies in the past.
Previous Controversies
In January 2023, Hindenburg Research, a US-based short-selling firm, accused the Adani Group of stock manipulation and corporate fraud, claiming that the family controlled shell companies in offshore tax havens. Though Adani’s shares plummeted temporarily, the company labeled the report as a “calculated attack” and called the allegations baseless.
Later in November 2024, US prosecutors once again spotlighted the group when fraud charges were reportedly filed against Gautam Adani for allegedly offering $250 million in bribes to secure solar power contracts in India. The group dismissed those accusations too, maintaining its stance of full legal compliance.
Adani Group’s Stand
Despite mounting international pressure, Adani maintains a strong defense. Their spokesperson clarified that all operations at Mundra port are transparent and that the company follows Indian and international trade regulations strictly.
“We operate fully within the law and reject any suggestion of sanctions violations,” the company reiterated.
Conclusion & Additional Information
This fresh wave of allegations could further challenge the conglomerate’s efforts to regain global investor confidence after a turbulent 2023 and 2024. However, until verified proof emerges or official charges are filed, these remain unproven allegations.
It’s important to note that such high-profile investigations often impact market sentiment more than actual legal outcomes. Investors are advised to stay informed and cautious.
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