US sanctions Chandigarh couple for aiding Iran's oil trade fraud - how did their network operate

The United States on Wednesday imposed fresh sanctions on several companies and individuals, including a Chandigarh-based businessman and his wife, for allegedly helping Iran evade restrictions on its oil trade.According to a statement released by the US treasury department, Suniel Kumar Sharma and his wife, Jaspreet Preeti Shahid, supported Iran's shadow fleet through a network involved in maritime fraud.The sanctions are part of the Trump administration's "Operation Economic Outcast", aimed at isolating Iran and cutting off its oil revenues, which Washington alleges are being used to fund its war with Israel and America.Treasury secretary Scott Bessent said the US would take action against anyone supporting the Iranian regime."We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air," Bessent said."As we have said many times, under Operation Economic Outcast, you are either with us or against us," he added.What US allegesAccording to the treasury department, Sharma and Shahid allegedly defrauded maritime regulatory authorities in multiple jurisdictions to set up fake vessel flagging authorities and maritime classification societies.The Indian couple is accused of helping Iran's shadow fleet circumvent international restrictions by providing fraudulent vessel registration and certification services."Sharma and Shahid’s operations began as early as 2014, when the couple sought to impersonate the flagging authority of the Caribbean nation of Dominica," the treasury department said.It added that Sharma established Singapore-based Eswatini Maritime Affairs and International Ship Registry PTE. Ltd. (Eswatini Maritime) in 2023. Despite being publicly disavowed by Eswatini authorities, the company allegedly continued to provide flagging services to vessels transporting Iranian petroleum, including the sanctioned vessel PING SHUN (IMO 9231901).The department said the network also operated websites claiming to provide maritime services on behalf of countries that had not authorised them. These services included vessel flagging, seafarer training and certification, and vessel classification.It further alleged that several of these purported registries were not linked to registered companies, with the network using web domains to create websites that falsely claimed to represent the maritime authorities of different countries.Separately, the US also sanctioned Turkey-based Fugo Ground Services Inc for allegedly supporting Iran's heavily sanctioned aviation sector.According to the treasury department, the company provided ground handling and other services to several US-sanctioned Iranian airlines that continued to operate flights to Turkey. These included Iran Air Tour, Saha Airlines, Taban Airlines and Ata Airlines.The action is part of Washington's broader effort to choke off Iranian oil revenues and target networks accused of helping Tehran circumvent international sanctions.You use AI every day. Now get your AI Quotient. Take the AIQ test.