The Adani Group faces severe investigation from US prosecutors regarding its alleged importation of Iranian petroleum products that violate sanctions according to recent reports. The investigation examines whether Adani companies brought Iranian liquefied petroleum gas (LPG) into India through Mundra port which operates under the conglomerate’s control. The tankers operating between the Persian Gulf and Mundra displayed standard evasion methods that global sanctions typically target.
The Adani Group faces increasing legal challenges because of this new investigation which joins existing serious bribery allegations. The US government claims that Sagar Adani together with other executives from the company paid $265 million in bribes to Indian officials to obtain major contracts and start the development of India’s biggest solar power project. The contracts were expected to generate $2 billion in profits throughout twenty years.
The Adani Group together with former Adani Green Energy CEO Vneet Jaain obtained more than $3 billion in loans and bonds through deceptive practices that concealed their corrupt activities from investors and lenders. The authorities investigate how the company disclosed market information and made public statements about the ongoing US investigation.
