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US Treasury and India's Adani Enterprises resolve alleged Iran sanctions violation

The U.S. Department of Treasury announced a settlement of $275 million with India's Adani Enterprises Ltd. over the potential civil liability of the company for 32 apparent 'U.S. sanctions' violations. The U.S. Department of Treasury announced on Monday that it had?agreed to a $275 million settlement with India's Adani Enterprises Ltd over the company's potential civil liability for 32 apparent violations of?U.S. sanctions. Treasury's Office for Foreign Assets Control released a statement stating that Adani Enterprises allegedly purchased shipments of liquefied petrol gas from a Dubai-based trader claiming to be supplying Omani and Iraqi gasoline, but the gas?actually originated from Iran. Last week, the U.S. Securities and Exchange Commission settled separately a civil suit against Indian billionaire Gautam Adani for an alleged scheme of bribing Indian government officials.

According to two sources familiar with the matter, the Justice Department is close to dropping criminal charges of fraud against Adani who has pledged $10 billion for the economy in 'U.S. According to two sources who are familiar with the issue, the Justice Department is also close to dropping related criminal?fraud charges against Adani. He has promised to?invest $10 billion in the?U.S. economy. (Reporting and editing by Michelle Nichols; Susan Heavey)

(source: Reuters)