Treasury Sanctions Indian Couple and 9 Firms, Alleging Fake Ship Flags for Iranian Oil Tankers

The U.S. Treasury Department on Wednesday, Nov. 4, sanctioned an India-based couple, two other Indian nationals and nine India-based companies. Treasury alleges they ran a maritime fraud operation that gave Iranian oil tankers false flags and fake safety certificates.

The action falls under what the administration calls Operation Economic Outcast, its campaign to cut off Iran's oil revenue. It was issued under Executive Order 13902, which targets key sectors of Iran's economy.

Who was named

Treasury identified Suniel Kumar Sharma and his wife, Jaspreet Preeti Shahid, both Chandigarh-based, as the operators of what it called a "vast criminal network." Ashwani Kumar Dhiman and Ishwinder Singh were named as directors of businesses tied to the couple, including Aryavart Ship Management Private Limited.

Oceaniek Technologies India is among the nine entities designated.

These are allegations from Treasury. The action is a sanctions designation, not a criminal case.

What Treasury says the network did

According to Treasury, the couple set up fake maritime registries and classification societies and built websites that impersonated the authorities of other countries. The sites claimed to represent Aruba, Guyana, Mali, Mozambique, Malawi, Sint Maarten and Timor-Leste, among others.

Treasury says the scheme goes back to at least 2014, when the couple allegedly tried to pose as the flagging authority of Dominica.

In 2023, Treasury says, Sharma set up a Singapore company called Eswatini Maritime Affairs and International Ship Registry. Eswatini's authorities have publicly distanced themselves from it. Treasury says it still offers flagging services to ships carrying Iranian oil, including the sanctioned vessel PING SHUN.

Treasury also says Shahid took over running the group on paper as scrutiny grew. After press coverage, Sharma shut down several fake registries, including the Laos Ship Registry and Maritime Safety Administration, according to Treasury.

The department pointed to one concrete case. On April 22, 2026, the U.S. Department of War seized the MAJESTIC X, a tanker flying a false Guyana flag and carrying Iranian oil.

Why a fake flag matters

Treasury argues the paperwork is not a technicality. A false flag lets a ship dodge rules meant to protect crews and the environment. Vessels sailing under a bogus registry carry no valid liability insurance, and Treasury says a shadow fleet tanker in that position could cause billions of dollars in damage to the coastal countries whose waters it enters.

Treasury says some of the ships served by the network worked for Iran's military and its proxies.

Bessent's warning

Treasury Secretary Scott Bessent framed the action as a message to anyone doing business with Tehran. "As we have said many times, under Operation Economic Outcast, you are either with us or against us," Bessent said.

Treasury also claimed last week that its measures were hurting Iran's economy, pushing the rial to record lows and driving domestic inflation to nearly 90%. That figure is Treasury's own claim.

The Turkish designation

The same announcement hit Fugo Ground Services Inc, a Turkey-based company. Treasury accused it of providing ground-handling and other services to six sanctioned Iranian airlines: Iran Air Tour, Saha Airlines, Sepehran Airlines, Varesh Airlines, Taban Airlines and Ata Airlines Company.

What the designations do

Any property of the named people and companies that is in the United States, or held by U.S. persons, is blocked and must be reported to the Treasury's Office of Foreign Assets Control (OFAC). The freeze also covers any firm owned 50% or more by blocked persons.

Most transactions with them are prohibited unless OFAC grants permission. Violators face civil or criminal penalties.

For a Chandigarh couple, the practical effect depends on how much they hold in the U.S. or in dollar-linked accounts. Treasury has not disclosed that.

What remains open

The designations do not take websites offline. Treasury says the Eswatini-branded registry kept flagging Iranian oil carriers despite Eswatini's public disavowal, and several of the other sites claimed to speak for governments that never backed them.

Whether the couple, the Indian companies or the Indian government respond is not yet known. Neither is whether the registries stay up now that the people behind them are on the sanctions list.