The U.S. Treasury Department has reached a settlement of $275 million to resolve issues related to the Indian Adani Group's violations of sanctions against Iran.

The Treasury Department stated that it has reached a $275 million settlement with the Indian Adani Group regarding the company's potential civil liabilities stemming from 32 apparent violations of sanctions against Iran.

The Office of Foreign Assets Control of the Treasury Department said in a statement that Adani Group purchased liquefied petroleum gas (LPG) cargoes, claimed to supply Oman and Iraq, but actually sourced from Iran from a trader based in Dubai.

The Justice Department is also close to withdrawing related criminal fraud charges against Adani, who has committed to investing $10 billion in the U.S. economy.

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