# US Treasury sanctions India-based fraud network aiding Iranian oil fleet

By John Kim

Canonical URL: https://www.tokenpost.com/news/regulation/49273
Published: 2026-11-05T12:40:34.000Z
Updated: 2026-11-05T12:40:34.000Z
Section: Regulation

> The US Treasury sanctioned an India-based network accused of supplying false ship registrations and maritime credentials to help Iranian oil carriers evade international restrictions.

An India-based couple used false ship registries and maritime certification services for more than a decade to help vessels carrying Iranian oil evade international restrictions. The United States has sanctioned the couple, their associated companies and others involved in the network.

In its “Operation Economic Outcast Targets Global Maritime Fraud Network Supporting Iranian Regime” report published on 2026-11-04, the US Department of the Treasury said Suniel Kumar Sharma and his wife, Jaspreet Preeti Shahid, operated from Chandigarh, India, to deceive maritime administrations across multiple jurisdictions. Their false flagging authorities and vessel classification societies helped Iran’s shadow fleet, including ships operating for the Iranian military and its proxies, circumvent restrictions.

Treasury traced their activities to 2014, when they sought to impersonate Dominica’s flagging authority. Many of their purported registries had no registered company behind them. Instead, the network created websites claiming government authority to offer ship registration, seafarer training and certification, and vessel classification—services normally provided by legitimate organizations enforcing strict international standards.

In 2023, Sharma established Singapore-based Eswatini Maritime Affairs and International Ship Registry PTE. Ltd. Treasury said the company continued providing flagging services to vessels transporting Iranian petroleum despite Eswatini authorities publicly disavowing it. Its clients included the sanctioned PING SHUN, which had carried multiple shipments of Iranian oil when it was designated.

Websites linked to the network purported to represent registries in Aruba, Guyana, Mali and Mozambique, among other countries. According to Treasury, sanctioned shadow fleet vessels used these services despite widespread awareness that the relevant governments had not authorized them. On April 22, 2026, the U.S. Department of War seized MAJESTIC X, formerly PHONIX, while it was carrying Iranian oil under a false Guyana flag.

Treasury said Sharma also used Oceaniek Technologies India, where he is managing director, to establish fraudulent registries claiming to represent countries including Aruba and Nicaragua. Those registries supplied false flags to sanctioned Iranian petroleum carriers including LATTAFA and BINARY STAR. Following press coverage, Sharma closed several deceptive registries, while Shahid assumed management of the couple’s businesses, at least on paper.

The designations were made under E.O. 13902. Treasury sanctioned Sharma for operating in Iran’s petroleum sector and Shahid for supporting him. Eswatini Maritime Affairs and International Ship Registry PTE. Ltd., Oceaniek Technologies India and Aryavart Ship Management Private Limited were designated for ownership, control or activities on behalf of the couple. Indian nationals Ashwani Kumar Dhiman and Ishwinder Singh, nominal directors of Sharma’s businesses, were also sanctioned for acting on behalf of Aryavart Ship Management Private Limited.