US sanctions Indian companies over alleged maritime fraud aiding Iran

The US on Wednesday issued sanctions targeting what it described as a “vast criminal network” run by two Indian nationals that was aiding Iran’s shadow fleet of oil tankers in committing maritime fraud.

In a statement, the US Treasury said the network aided Iranian vessels in sailing under false flags and in gaining fake maritime certifications.

The move was the latest in a tightening web of US sanctions targeting Iran since August, when Washington announced that it would be seeking the “economic asphyxiation” of the country in conjunction with its military campaign.

The United States and Israel launched a war against Iran in late February, plunging the Middle East into violence as Tehran’s retaliatory action struck US allies and closed a vital energy trade waterway.

“As we have said many times, under Operation Economic Outcast, you are either with us or against us,” said Treasury secretary Scott Bessent, who has in the past threatened sanctions against any country or company that aids Iran, regardless of its relationship with Washington.

“We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air.”

Wednesday’s sanctions named Indian nationals Suniel Kumar Sharma and his wife Jaspreet Preeti Shahid as operating a large-scale maritime fraud network from their base in Chandigarh.

“Purporting to represent nations from nearly every continent, from Guyana to Eswatini and Laos, Sharma and Shahid have allowed the Iranian shadow fleet… to evade international restrictions on their operation,” the Treasury said in a statement.

The sanctions also targeted two other Indian nationals and a number of companies Treasury said were part of the criminal network.

Wednesday’s action also saw Washington sanction Turkey-based Fugo Ground Services Inc for allegedly continuing to provide services to Iran’s aviation sector, which the United States has sought to shut down.

Earlier this month, the United States imposed sanctions targeting “the remnants of Iran’s shadow fleet” of tankers used to transport oil products to foreign markets, affecting 17 vessels.

Subscribe to our newsletter and get news delivered to your mailbox.