Treasury Sanctions Maritime Fraud Network Behind Iran's Shadow Fleet: False-Flag Registries and Turkish Ground Handler Designated
The U.S. Department of the Treasury announced in Washington on November 4 that, as part of Operation Economic Outcast, it has sanctioned a vast criminal network that provided false flags and fake maritime certifications to Iran's shadow fleet. The network's central figures are India-based Suniel Kumar Sharma and his spouse, Jaspreet Preeti Shahid, whom Treasury says have for years defrauded maritime regulatory administrations in multiple jurisdictions to set up false flagging authorities for sanctioned vessels transporting Iranian petroleum, including vessels operating on behalf of the Iranian military and its proxies.
Secretary of the Treasury Scott Bessent said that under Operation Economic Outcast, Treasury knows where those supporting the Iranian regime are and will sanction them whether by land, sea, or air. Treasury said false flags and fake certifications let illicit vessels evade international rules meant to ensure crew safety and prevent environmental harm, and that falsely flagged vessels carry no valid protection and indemnity insurance, meaning a shadow fleet vessel could cause billions of dollars in damage to the economies of countries in whose waters it operates.
According to Treasury, Sharma and Shahid's operations began as early as 2014, when the couple sought to impersonate the flagging authority of Dominica. In 2023, Sharma established Singapore-based Eswatini Maritime Affairs and International Ship Registry PTE. Ltd., which, despite being publicly disavowed by Eswatini authorities, continues to provide flagging services for vessels transporting Iranian petroleum, including the sanctioned vessel PING SHUN (IMO 9231901). The network also buys web domains and builds sites purporting to offer flagging services on behalf of Aruba, Guyana, Mali, Mozambique, Malawi, Sint Maarten, and Timor-Leste, among others, selling flagging, seafarer training and certification, and vessel classification. On April 22, 2026, the U.S. Department of War seized the false Guyana-flagged MAJESTIC X, formerly PHONIX (IMO 9198317), while it was carrying Iranian oil.
The Office of Foreign Assets Control (OFAC) designated Sharma, Shahid, and entities they control, including Oceaniek Technologies India, Aryavart Ship Management Private Limited, and Eswatini Maritime, under Executive Order 13902, along with nominal directors Ashwani Kumar Dhiman and Ishwinder Singh.
Also designated the same day was Türkiye-based Fugo Ground Services Inc, which provides ground handling to several U.S.-designated Iranian airlines, including Iran Air Tour, Saha Airlines, Sepehran Airlines, Varesh Airlines, Taban Airlines, and Ata Airlines Company, and began serving several of them in the weeks after their September 8, 2026 designations. OFAC designated Fugo under the same executive order for operating in the aviation sector of Iran's economy. OFAC also issued a new industry alert warning of the sanctions risks of dealing with potentially falsely flagged vessels.
As a result of the action, all property and interests in property of the designated persons that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC, and U.S. persons are generally prohibited from transactions involving them; entities owned 50 percent or more by blocked persons are also blocked. (Source: U.S. Department of the Treasury)
Source: U.S. Department of the Treasury
Published by GSM · USA (original Chinese edition)
Photo: 图：美国财政部大楼正面（Washington，联邦固定图库）。Sealy j 摄，CC BY-SA 4.0，经 Wikimedia Commons。 / Photo: U.S. Department of the Treasury Building in Washington (federal fixed asset library). Photo by Sealy j, CC BY-SA 4.0, via Wikimedia Commons.
