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Investing.com -- Gautam Adani’s companies are under investigation by U.S. prosecutors over allegations of importing Iranian liquefied petroleum gas (LPG) into India via the Mundra port, according to the Wall Street Journal.
The WSJ discovered that tankers frequently traveling between Mundra port and the Persian Gulf displayed behaviors often associated with ships trying to bypass sanctions.
The U.S. Attorney’s Office in Brooklyn is increasing its scrutiny, which could complicate Adani’s attempts to resolve foreign bribery charges. Despite President Trump’s rollback of enforcement on longstanding overseas bribery laws, his administration has targeted buyers of Iranian oil and gas products.
Last month, Trump stated on the social media platform Truth Social that any country or individual purchasing any quantity of oil or petrochemicals from Iran would be immediately subjected to secondary sanctions and would be barred from doing business with the United States.
Adani, Asia’s second-wealthiest person and a close ally of Indian Prime Minister Narendra Modi, denies any intentional engagement in sanction evasion or trade involving Iranian-origin LPG. "We are not aware of any investigation by U.S. authorities on this subject," a company spokesperson stated.
Adani presides over a group of infrastructure companies that have played a significant role in India’s recent economic growth. These public companies have an estimated valuation of around $150 billion, providing Adani and his family with one of the world’s largest fortunes.
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