US sanctions Indian couple, 9 firms for Iran oil maritime fraud

The US Treasury on Wednesday, 4 November 2026, sanctioned an India-based couple, Suniel Kumar Sharma and his wife Jaspreet Preeti Shahid, along with two other Indian nationals and nine companies for allegedly running a maritime fraud network that helped Iran's oil tankers evade restrictions. The network is accused of providing false flags and fake maritime certifications to sanctioned vessels, including those operating for Iran's military. The action was taken under the Trump administration's Operation Economic Outcast, which aims to cut off Iran's oil revenue. Treasury Secretary Scott Bessent said the US will sanction anyone supporting the Iranian regime 'by land, sea, or air.'

According to the Treasury, Sharma and Shahid operated from Chandigarh and created fraudulent flag authorities claiming to represent countries including Guyana, Eswatini, and Laos. The alleged scheme dates back to 2014. In 2023, Sharma set up a Singapore company called Eswatini Maritime Affairs, which Eswatini authorities have publicly disowned. The Treasury also sanctioned a Türkiye-based firm, Fugo Ground Services Inc, for continuing to serve Iran's aviation sector. The sanctions were issued a day after Democrats won control of both houses of Congress in midterm elections.

Update, 5 November 2026: Times of India adds that nine India-based entities were sanctioned and names two additional Indian nationals, Ashwani Kumar Dhiman and Ishwinder Singh, as directors of businesses linked to the network. Economic Times reports the sanctions came a day after Democrats won control of both houses of Congress. All new sources confirm the Treasury's account as previously reported.