US sanctions global maritime fraud network helping Iran's shadow fleet evade restrictions

WASHINGTON, November 4, 2026 — The Treasury Department's Office of Foreign Assets Control (OFAC) designated five individuals and 10 entities under Executive Order 13902 as part of Operation Economic Outcast, targeting a maritime fraud network allegedly responsible for supplying false vessel registrations and certifications to Iran's shadow fleet.

At the center of the operation are India-based Suniel Kumar Sharma and his wife, Jaspreet Preeti Shahid, whom Treasury accused of establishing fraudulent maritime registries and classification societies that impersonated the authorities of numerous countries. The network allegedly provided false flags to sanctioned vessels transporting Iranian petroleum, including ships operating on behalf of Iran's military and its proxies.

According to Treasury, the network's activities date to at least 2014, when Sharma and Shahid attempted to impersonate Dominica's maritime registration authority. Their operations subsequently expanded to jurisdictions including Guyana, Eswatini, Laos, Aruba, Nicaragua and Timor-Leste. The network allegedly established websites claiming government authorization to register vessels, certify seafarers and provide maritime classification services.

Among the designated entities are Singapore-based Eswatini Maritime Affairs and International Ship Registry Pte. Ltd., India-based Oceaniek Technologies India and Aryavart Ship Management Private Limited. Treasury identified several sanctioned vessels that received fraudulent registration services, including LATTAFA (IMO 9245794), BINARY STAR (IMO 9380570) and VERA (IMO 9304655).

The action also targeted Türkiye-based Fugo Ground Services Inc., which Treasury said continued providing ground handling services to sanctioned Iranian airlines, including Iran Air Tour, Saha Airlines, Sepehran Airlines, Varesh Airlines, Taban Airlines and Ata Airlines Company. Several service arrangements reportedly continued after the airlines were designated in September.

Alongside the designations, OFAC published an advisory warning maritime operators, insurers, financial institutions and other industry participants about the sanctions risks associated with falsely flagged vessels. Treasury warned that fraudulent registrations undermine maritime safety standards and could leave vessels without valid protection and indemnity insurance, exposing coastal states to potentially substantial environmental and financial losses.

The designations freeze property and interests in property subject to U.S. jurisdiction and generally prohibit transactions involving the designated parties by U.S. persons. Entities owned 50% or more by blocked persons are also subject to blocking restrictions.

In separate actions announced the same day, OFAC issued Venezuela-related General License 5AA, authorizing certain transactions involving Petróleos de Venezuela's 2020 8.5% bond on or after Dec. 18, 2026, and amended FAQ 595. OFAC also updated existing Iran-related sanctions records, including secondary sanctions risk annotations.