The U.S. Department of the Treasury sanctioned an India-based couple and several companies in their business network on Wednesday for helping Iran’s so-called shadow fleet evade international restrictions and transport illicit petroleum.
Suniel Kumar Sharma and his spouse, Jaspreet Preeti Shahid, operated a “vast criminal network” whose “schemes have provided false flags and certifications to sanctioned vessels,” the department stated.
“We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea or air,” Scott Bessent, U.S. treasury secretary, said.
The designations are part of Operation Economic Outcast, a U.S. campaign launched in August to cut off the Iranian regime’s sources of revenue and expand sanctions exposure for foreign individuals and entities doing business with Tehran.
According to Treasury, Sharma and Shahid have defrauded maritime regulatory administrations in multiple jurisdictions since at least 2014 by establishing fraudulent vessel registries and maritime classification organizations. Their network purchased web domains and created websites falsely claiming to provide services on behalf of governments that had not authorized them, including vessel flagging, seafarer training and certification and vessel classification.
Sharma shut down several fraudulent registries as press coverage of his activities intensified, Treasury said. Wednesday’s sanctions also targeted several associated companies and individuals involved in their operations.
Treasury also sanctioned Turkey-based Fugo Ground Services Inc., “for its ongoing services in support of Iran’s aviation sector.”
The company began servicing several of the carriers shortly after their designation on Sept. 8, 2026, despite U.S. warnings against supporting Iran’s aviation sector.
