US Treasury sanctions India-based maritime fraud network and Turkish firm over Iran ties

Right · 2The US Treasury on Wednesday 4 November sanctioned companies and individuals based in India and Turkey for ties to Iran, warning it would keep pursuing anyone who supports the Iranian government. 1 2 Mixed · 2Treasury said the main target was what it called a "vast criminal network" run by India-based Suniel Kumar Sharma and his wife Jaspreet Preeti Shahid, along with two other Indian citizens who head two of the couple's businesses and nine entities connected to Sharma. 1 3 Mixed · 2According to Treasury, their schemes gave false flags and certifications to sanctioned vessels carrying Iranian petroleum, including vessels operating for the Iranian military and its proxies. 1 3

Mixed · 2Treasury said Sharma and Shahid have defrauded maritime regulators in multiple jurisdictions since at least 2014 by setting up fraudulent vessel registries and classification bodies, buying web domains and building websites that falsely claimed to offer vessel flagging, seafarer training and certification on behalf of governments that had not authorised them. 4 3 Centre · 1Reuters, carried by Hindustan Times, said Sharma and Shahid are based in Chandigarh, India, and fraudulently claimed to represent countries such as Guyana, Eswatini and Laos in issuing flags and certifications; Treasury said the couple also managed India-based entities used to set up fraudulent flagging registries, which were also designated. 5 Mixed · 2Treasury said falsely flagged vessels carry no valid protection and indemnity insurance, so they could cause billions of dollars in damages to the economies of countries whose waters they operate in; its Office of Foreign Assets Control also issued an alert to industry on the sanctions risk of dealing with potentially false-flagged vessels. 6 5

Right · 1Treasury also said Sharma shut down several fraudulent registries as press coverage of his activities intensified. 4 Mixed · 2Treasury 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," adding that under Operation Economic Outcast "you are either with us or against us." 4 3 Right · 2Treasury also sanctioned Turkey-based Fugo Ground Services Inc (named Fugo Group Services Inc in the Reuters and Arab News copy) for ongoing services to Iran's aviation sector; JNS reports it began servicing carriers shortly after their designation on 8 September 2026, despite US warnings. 4 1

Centre · 1Treasury said Fugo provided ground handling and other services to US-sanctioned Iranian airlines still flying to Turkey, including Iran Air Tour, Saha Airlines, Taban Airlines and Ata Airlines. 5 Right · 2The action falls under Operation Economic Outcast, a campaign launched in August that aims to cut off Iran's oil revenue and extend sanctions exposure to foreign parties dealing with Tehran. 4 1 Right · 1Reuters reported that Treasury said last week its actions were decimating Iran's economy, pushing the rial to new lows and domestic inflation to around 90%; this is Treasury's claim and is not independently verified in the coverage. 1

Centre · 1AFP adds context that the United States and Israel launched a war against Iran in late February, and that earlier this month Washington sanctioned what it called the remnants of Iran's shadow fleet, affecting 17 vessels. 3 Centre · 1Reuters noted the sanctions came a day after Democrats won control of both houses of Congress in midterm elections, with voters angry about the Iran war and its effect on US inflation; Trump acknowledged the war's role in the losses but said the conflict was worth it, and oil prices fell sharply as investors weighed a possible end to the war. 5 Centre · 1Brett Erickson of Obsidian Risk Advisors told Reuters the sanctions showed Washington escalating economic warfare, saying it "appears unwilling to take even the smallest step toward de-escalation"; Reuters said the US reimposed its blockade of Iranian ports on July 14 after a memorandum of understanding with Tehran broke down. 5

Right · 1Breitbart, citing unnamed sources familiar with the operation, reported that the naval blockade has stopped any further movement of Iranian oil since mid-October; this is not corroborated elsewhere in the coverage. 6