Operation Economic Outcast: US sanctions 4 Indians, other entities over alleged Iran oil trade links

The US Department of the Treasury has cracked down on international fraud syndicate, expanding its aggressive Economic Outcast campaign to dismantle the financial and logistical lifelines supporting the Iranian regime.

Washington has clamped down on an extensive maritime fraud ring that allegedly furnished false flags and counterfeit certifications to keep Tehran’s oil tankers moving.

The US Department of the Treasury announced sanctions targeting India-based operators Suniel Kumar Sharma and his spouse, Jaspreet Preeti Shahid, accusing their network of engineering complex schemes that allowed sanctioned vessels — including those tied to the Iranian military — to evade international oversight.

In tandem, the agency penalised Türkiye-based Fugo Ground Services Inc. for supporting Iran's heavily sanctioned aviation industry.

“As we have said many times, under Operation Economic Outcast, you are either with us or against us,” said Secretary of the Treasury Scott Bessent. “We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air.”

Indian connection

Operating out of Chandigarh, India, Suniel Kumar Sharma and Jaspreet Preeti Shahid built a vast criminal apparatus that has defrauded maritime regulatory administrations across multiple jurisdictions since 2014.

The couple began operations by impersonating the flagging authority of Dominica. By 2023, Sharma established Singapore-based Eswatini Maritime Affairs and International Ship Registry PTE. Ltd., which continued providing flagging services for vessels carrying Iranian petroleum — such as the sanctioned vessel PING SHUN — despite being publicly disavowed by actual Eswatini authorities.

Many of the network's false flagging operations relied on purchased web domains mimicking legitimate national registries spanning from Guyana and Laos to Eswatini, granting the Iranian shadow fleet fraudulent international legitimacy.

Falsely flagged vessels bypass critical international regulations specifically designed to ensure crew safety and safeguard territorial waters against environmental catastrophes.

Because these shadow fleet vessels carry no valid protection and indemnity insurance, an accident involving an unverified tanker could inflict billions of dollars in unrecoverable damages upon the economies of the countries in whose territorial waters they operate.

In addition to Shahid, Indian nationals Ashwani Kumar Dhiman and Ishwinder Singh nominally serve as directors of Sharma’s businesses, including India-based Aryavart Ship Management Private Limited.

Expanding pressure on Iran's aviation & supply chains 

In addition to maritime designations, the Office of Foreign Assets Control (OFAC) sanctioned Türkiye-based Fugo Ground Services Inc. for ongoing services provided to Iran's aviation sector.

Aviation sector warnings: Treasury reiterated that any foreign firm or individual facilitating sanctioned Iranian airlines — through aircraft transfers, cargo services, or general sales agent support — will face severe consequences for backing a primary state sponsor of terrorism.

Industry maritime alert: Concurrently with these designations, OFAC issued a new compliance alert warning the global maritime industry of the severe sanctions risks associated with dealing with potentially falsely flagged vessels.

Launched by Secretary Bessent on August 24, and dubbed "Economic D-Day," Operation Economic Outcast is systematically severing the remaining financial lifelines sustaining Tehran.

US Treasury has mapped out the cross-border networks, facilitators, and financial channels used by Iran to smuggle oil, launder money, and fund regional proxies. Working alongside partners across the US government, the European Union, the United Kingdom, and Gulf nations, the initiative significantly expands sanctions exposure for any non-US entities engaging in business with the Iranian regime, threatening them with exclusion from the US financial system.