Daijiworld Media Network - Washington
Washington, Nov 5: The United States has imposed sanctions on an India-based businessman, his wife and nine Indian entities over alleged involvement in a maritime fraud network that helped Iran transport oil in violation of international restrictions. The action was announced by the US Department of the Treasury on November 4 under President Donald Trump's 'Operation Economic Outcast', aimed at cutting off Iran's oil revenues and other sources of income.
The sanctions target Chandigarh-based businessman Suniel Kumar Sharma and his wife, Jaspreet Preeti Shahid, whom the US Treasury has accused of operating an extensive network of fraudulent maritime registration services. According to the department, the couple allegedly provided false ship registrations, flags and maritime certifications to vessels transporting Iranian petroleum, including ships said to be operating on behalf of Iran's military and its proxies.
The announcement came a day after the Democrats made major gains in the US midterm elections, reportedly winning control of both houses of Congress. However, the Trump administration has continued its pressure campaign against Iran and networks allegedly helping Tehran evade international sanctions.
According to the US Treasury, Sharma and Shahid operated the network from Chandigarh and allegedly deceived maritime regulatory authorities in several countries to establish unauthorised ship-registration and classification organisations. By falsely claiming to represent different countries, they allegedly enabled vessels belonging to Iran's so-called shadow fleet to continue operating despite international restrictions.
The alleged activities date back to at least 2014, when the couple reportedly attempted to impersonate the maritime flag administration of the Caribbean nation of Dominica. In 2023, Sharma established a Singapore-based company named Eswatini Maritime Affairs and International Ship Registry PTE Ltd. The US Treasury said that although authorities in Eswatini had publicly denied any association with the organisation, it continued to provide registration and flagging services to vessels transporting Iranian oil.
One such vessel identified by the US authorities was the sanctioned tanker PING SHUN, bearing IMO number 9231901, which had reportedly undertaken multiple shipments of Iranian oil.
The Treasury further alleged that the network created websites claiming to represent legitimate maritime registration authorities of different countries. These websites offered services such as ship registration, provision of national flags, seafarer training and certification, and vessel classification. However, the countries concerned had not authorised the organisations to provide such services.
The websites allegedly claimed to offer maritime registration services on behalf of countries and territories including Aruba, Guyana, Mali, Mozambique, Malawi, Sint Maarten and Timor-Leste. The network also reportedly operated false registries claiming links to Nicaragua and Laos.
Sharma is stated to be the managing director of India-based Oceaniek Technologies India, which the US Treasury accused of establishing fraudulent ship registries. Through these registrations, vessels transporting Iranian petroleum products allegedly obtained false flags. The department identified sanctioned vessels including LATTAFA (IMO 9245794), BINARY STAR (IMO 9380570) and VERA (IMO 9304655) as among those linked to the network.
The US Treasury also alleged that, as scrutiny of Sharma's activities increased, Shahid took over the management of several businesses associated with the couple, at least formally. Their business interests reportedly included financial services and media-streaming companies. The department said that some of the allegedly fraudulent registries, including the Laos Ship Registry and Maritime Safety Administration, had been shut down following media reports about their activities.
Apart from the couple, the US action also named two Indian nationals, Ashwani Kumar Dhiman and Ishwinder Singh, who were identified as nominal directors of businesses associated with Sharma, including Aryavart Ship Management Private Limited.
The nine Indian entities named in the sanctions announcement are Eswatini Maritime Affairs and International Ship Registry PTE Ltd, Oceaniek Technologies India, Aryavart Ship Management Private Limited, Precept Trends Private Limited, Polynesia Maritime Private Limited, Alexarya Finserv Private Limited, Alexarya Media and Entertainment Private Limited, Viharaboating Private Limited, and Aryavart Maritime and Educational Trust.
The US Treasury said the entities were being designated because they were allegedly owned or controlled by the sanctioned individuals or had acted on their behalf. The action was taken under Executive Order 13902, which targets key sectors of the Iranian economy, including petroleum, petrochemicals and aviation.
The operation also included sanctions against Türkiye-based Fugo Ground Services Inc, which the US accused of providing ground-handling and other services to several sanctioned Iranian airlines, including Iran Air Tour, Saha Airlines, Sepehran Airlines, Varesh Airlines, Taban Airlines and Ata Airlines Company.
US Treasury Secretary Scott Bessent said the administration would continue to target those supporting the Iranian government through land, sea or air. The department also issued an alert warning the maritime industry about the risks of dealing with vessels operating under potentially fraudulent flags.
The US authorities said false ship registrations and fake maritime certifications allow vessels involved in prohibited activities to evade international regulations relating to crew safety and environmental protection. Such vessels may also lack valid protection and indemnity insurance, potentially exposing countries whose territorial waters they enter to substantial financial liabilities in the event of accidents or environmental damage.
Under the sanctions, property and financial interests of the designated individuals and entities falling within US jurisdiction, or held by US persons, will be blocked. US persons are generally prohibited from conducting transactions involving the sanctioned parties unless specifically authorised or exempted. The restrictions can also affect foreign financial institutions and businesses engaging in certain transactions with those designated.
The US Treasury said Operation Economic Outcast, launched in August 2026, was intended to dismantle the networks and financial channels allegedly used by Iran to sell oil, evade sanctions and generate revenue. The latest action marks another expansion of Washington's campaign against individuals and companies accused of facilitating Iran's petroleum trade.