How US Says Chandigarh Couple ‘Fooled’ Sanctions Linked to Iran's Shadow Fleet
US Sanctions Chandigarh couple for running a multi-million dollar maritime fraud ring that provided fake country flags to protect Iran’s illegal oil tankers.
The United States has sanctioned a Chandigarh-based couple, Suniel Kumar Sharma and Jaspreet Preeti Shahid, and several companies linked to them for allegedly helping Iran’s “shadow fleet” transport petroleum through false ship flags and fraudulent maritime certifications. The US Treasury Department announced the action on Wednesday, November 4, as part of “Operation Economic Outcast,” targeting what it called a “vast criminal network” of maritime fraud.
The Treasury alleged that Sharma and Shahid defrauded maritime regulatory administrations across multiple jurisdictions to create fake flag registries and classification societies. In an official statement, US asserted that the companies purported to represent countries including Guyana, Eswatini, Laos, Aruba, Mali, Mozambique, Malawi, Sint Maarten and Timor-Leste, enabling sanctioned vessels carrying Iranian oil, including those allegedly linked to Iran’s military and proxies, to evade international restrictions.
Today, as part of Operation Economic Outcast, Treasury targeted the vast criminal network of India-based Suniel Kumar Sharma and his spouse, Jaspreet Preeti Shahid, who have supported Iran’s shadow fleet through a web maritime fraud. Their schemes have provided false flags and certifications to sanctioned vessels involved in transporting Iranian petroleum, including vessels operating on behalf of the Iranian military and its proxies. https://t.co/LXl5cDbfDF
— Treasury Department (@USTreasury) November 4, 2026
The Alleged Scheme
According to Treasury, Sharma established the Singapore-based Eswatini Maritime Affairs and International Ship Registry Pte Ltd in 2023. The department said the entity continued offering flagging services for vessels transporting Iranian petroleum even after Eswatini authorities publicly disavowed it.
Sharma is also alleged to be the managing director of India-based Oceaniek Technologies India, which Treasury said was used to create bogus registries claiming to represent Aruba, Nicaragua and Sint Maarten. The action also designated Indian nationals Ashwani Kumar Dhiman and Ishwinder Singh, who Treasury said nominally serve as directors in Sharma-linked businesses including Aryavart Ship Management Private Limited.
Companies Targeted
The sanctions cover several India-based entities said to be controlled by Shahid: 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.
Treasury said the designations were imposed under Executive Order 13902, which targets Iran’s petroleum, petrochemical and aviation sectors. In simpler terms, property and interests of designated persons or entities under US jurisdiction are blocked, and transactions with them are generally prohibited unless authorised or exempt.
Washington’s Warning
Treasury Secretary Scott Bessent said: “We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air.
As we have said many times, under Operation Economic Outcast, you are either with us or against us. We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air.
— Treasury Secretary Scott Bessent (@SecScottBessent) November 4, 2026
The State Department said the network had operated for more than a decade, creating websites and organisations that falsely claimed to provide flagging, seafarer training, certification and vessel-classification services on behalf of governments. It called on flag states, port authorities and the maritime industry to verify registrations and deny “shadow fleet” vessels access to their waters and ports.
Sanctions Reach Indian Boardrooms
The action underscores how US enforcement against Iran’s oil trade is increasingly reaching allegedly India-based service providers, directors and corporate structures rather than only tanker owners or oil traders. Treasury’s move highlights the gap between nominal corporate registrations and actual operational control, alleging that a Chandigarh-based network used offshore and Indian entities to give Iranian-linked vessels a veneer of international legitimacy.
Thus, stating that “False flags and fake maritime certifications allow vessels engaging in illicit activity to evade international regulations aimed at ensuring crew safety and safeguarding against environmental harm. Falsely flagged vessels carry no valid protection and indemnity insurance, meaning that Iranian shadow fleet vessels operating under false flags could potentially cause billions of dollars in damages to the economies of the countries in whose territorial waters they operate. “
The allegations remain US government assertions; the sanctions do not themselves establish criminal guilt in an Indian or foreign court. Treasury’s announcement, however, signals that individuals and companies accused of enabling Iran’s petroleum exports through documentation fraud face direct exposure to US financial restrictions.
