US Treasury announces $275 million settlement with India’s Adani Enterprises

Adani Enterprises Ltd (AEL), the flagship firm of the conglomerate helmed by billionaire Gautam Adani, "agreed to pay USD 275 million to settle its potential civil liability for apparent violations of OFAC sanctions on Iran".

U.S. prosecutors asked a judge Monday to dismiss criminal fraud and conspiracy charges against Indian billionaire Gautam Adani, who had been accused of duping investors in a massive solar project in India.

He was charged with conspiracy, securities fraud and wire fraud charges in connection with a lucrative arrangement for Adani Green Energy Ltd. and another firm to sell 12 gigawatts of solar power to the Indian government to light millions of homes and businesses.

The Justice Department did not cite the proposed $10 billion investment as a rationale for dropping the case.