The United States has imposed sanctions on a Chandigarh-based businessman, his wife and several companies linked to them over allegations that they helped Iran bypass international restrictions on its oil trade through a fraudulent maritime registration network. The action targets an alleged operation that provided fake ship registrations and maritime certifications to vessels transporting Iranian petroleum, including those linked to Iran’s military and its associated groups.
The US Department of the Treasury identified the businessman as Suniel Kumar Sharma and his wife as Jaspreet Preeti Shahid. The sanctions, announced on November 4 under the Trump administration’s Operation Economic Outcast, also cover two Indian nationals associated with their businesses and nine India-linked entities.
Washington has described the operation as a vast criminal network that exploited international maritime registration systems to help sanctioned vessels continue transporting Iranian oil. The allegations involve the misuse of national identities, unauthorised ship registries and fraudulent documentation to conceal the identity and status of vessels operating in international waters.
According to the US Treasury, Sharma and Shahid allegedly established websites that impersonated maritime authorities in several countries. These websites offered services such as ship registration, crew certification and vessel classification without receiving approval from the governments concerned.
The alleged activities date back to at least 2014, when the couple reportedly attempted to impersonate the maritime flagging authority of Dominica, a Caribbean nation. Over the years, the network allegedly expanded its operations by claiming to represent several countries and territories across different regions.
In 2023, Sharma established a Singapore-based company called Eswatini Maritime Affairs and International Ship Registry Pte Ltd. However, authorities in Eswatini had publicly rejected the company’s claim to represent the country. Despite this, the US Treasury alleged that the organisation continued providing registration services to vessels transporting Iranian petroleum.
The Treasury also identified Oceaniek Technologies India, where Sharma served as managing director, as an important part of the alleged network. The company was reportedly used to establish fraudulent maritime registries claiming to represent countries and territories such as Aruba, Nicaragua and Sint Maarten.
Through these registrations, the network allegedly helped several sanctioned vessels obtain false national flags and continue their operations. The vessels named by US authorities include LATTAFA, BINARY STAR and VERA. Another vessel, PING SHUN, was reportedly involved in multiple shipments of Iranian oil while receiving registration services through the Singapore-based entity.
The US authorities also referred to the seizure of MAJESTIC X, formerly known as PHONIX, which was allegedly carrying Iranian oil when it was boarded. The vessel had been operating under a false Guyanese flag, according to the Treasury.
The sanctions extend beyond the couple to businesses and individuals allegedly associated with their operations. Indian nationals Ashwani Kumar Dhiman and Ishwinder Singh have also been designated by the US, with authorities identifying them as nominal directors of businesses connected to Sharma’s network, including Aryavart Ship Management Private Limited.
The India-based companies named in the action include 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 Singapore-based Eswatini Maritime Affairs and International Ship Registry Pte Ltd has also been targeted.
According to the Treasury, Shahid took on a more prominent role in managing the couple’s business network as scrutiny of Sharma’s activities increased. The companies linked to the network reportedly operated across different sectors, including financial services and media-related businesses.
The US action also highlights concerns about the wider consequences of fraudulent ship registrations. A vessel’s flag identifies the country under whose laws it operates and determines which national maritime authority is responsible for overseeing its activities. Legitimate registration is essential for ensuring compliance with international shipping regulations, safety requirements and environmental standards.
When vessels operate under false flags, they can avoid regulatory scrutiny and make it difficult for authorities to establish accountability. The Treasury warned that falsely flagged ships may not have valid protection and indemnity insurance, which normally covers liabilities arising from maritime accidents, including environmental damage and oil spills.
Such vessels could potentially expose coastal countries to substantial financial losses if accidents occur within their territorial waters. The concerns are particularly significant when tankers carrying petroleum operate without proper oversight, insurance protection or recognised maritime certification.
The sanctions carry significant financial consequences for the individuals and businesses named in the action. Their property and financial interests falling within US jurisdiction will be blocked. US citizens and companies are generally prohibited from conducting transactions with designated individuals and entities unless specific authorisation is granted.
The restrictions can also extend to businesses that are at least 50% owned, directly or indirectly, by sanctioned individuals or organisations. Non-US companies could face sanctions risks if they knowingly facilitate prohibited transactions or help designated entities evade American restrictions.
US Treasury Secretary Scott Bessent reiterated Washington’s warning against businesses and individuals supporting Iran’s economic activities. He said the administration would continue targeting those providing assistance to the Iranian regime through land, sea or air networks.
The latest action is part of Operation Economic Outcast, launched on August 24, 2026, to restrict Iran’s access to international financial channels and revenue generated through oil exports. The campaign is aimed at identifying businesses, intermediaries and shipping networks allegedly helping Tehran bypass economic restrictions.
In a separate development on November 4, the US Treasury also sanctioned Türkiye-based Fugo Ground Services Inc. for allegedly providing ground-handling and other services to several sanctioned Iranian airlines. These included Iran Air Tour, Saha Airlines, Sepehran Airlines, Varesh Airlines, Taban Airlines and Ata Airlines Company.
The measures underline Washington’s expanding efforts to target the financial, maritime and aviation networks it believes are helping Iran sustain its international trade despite sanctions. For the Indian entities named in the latest action, the immediate impact could include restrictions on financial transactions and access to services connected to the US financial system. The allegations, however, remain US government claims, and the sanctions announcement does not by itself establish criminal guilt under Indian law.
The US has sanctioned Chandigarh businessman Suniel Kumar Sharma, his wife and nine India-linked entities over alleged fraudulent ship registrations supporting Iran’s oil trade.
