A maritime services network operating out of Chandigarh has become the focus of a major US sanctions action against businesses and individuals accused of helping Iran move oil through international shipping routes.
The US Treasury Department on November 4 announced sanctions against Indian businessman Suniel Kumar Sharma, his wife Jaspreet Preeti Shahid, two other Indian nationals and nine associated entities, alleging that they helped Iran’s so-called shadow fleet circumvent restrictions on petroleum exports.
The action also targeted a Turkish aviation services company accused of providing ground handling facilities to US-sanctioned Iranian airlines, extending Washington’s enforcement campaign from oil transportation to the aviation sector.
The sanctions form part of President Donald Trump’s Operation Economic Outcast, launched in August to restrict Iran’s oil revenues and financial channels supporting its government.
Treasury Secretary Scott Bessent warned that Washington would pursue individuals and companies assisting Tehran regardless of where they operate.
“We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea or air,” Bessent said.
How a Chandigarh Network Allegedly Helped Iran’s Shadow Fleet
According to the Treasury Department, Sharma and Shahid operated a network of purported maritime regulatory organisations that claimed to represent countries including Guyana, Eswatini and Laos.
The alleged operation involved websites and business entities offering vessel registration, flagging, seafarer training, maritime certification and classification services without proper authorisation from the governments concerned.
The department traced the activities to at least 2014, when the couple allegedly attempted to impersonate Dominica’s maritime flagging authority.
In 2023, Sharma established Singapore-based Eswatini Maritime Affairs and International Ship Registry PTE Ltd. Treasury said the company continued providing registration services to vessels transporting Iranian petroleum despite Eswatini authorities publicly disavowing it.
The US identified several sanctioned tankers allegedly connected to the network, including PING SHUN, LATTAFA, BINARY STAR and VERA.
It also cited the case of MAJESTIC X, formerly known as PHONIX, which US forces seized on April 22, 2026, while it was carrying Iranian oil under a false Guyana flag.
Treasury alleged that Sharma used Oceaniek Technologies India to establish questionable flag registries purporting to represent Aruba, Nicaragua and Sint Maarten.
The department said the network also included India-based businesses managed by Shahid and other associates.
Two additional Indian nationals, Ashwani Kumar Dhiman and Ishwinder Singh, were designated over their alleged roles in the couple’s business network.
The nine designated entities are:
- Oceaniek Technologies India
- Aryavart Ship Management Private Limited
- Eswatini Maritime Affairs and International Ship Registry PTE Ltd
- Precept Trends Private Limited
- Polynesia Maritime Private Limited
- Alexarya Finserv Private Limited
- Alexarya Media and Entertainment Private Limited
- Viharaboating Private Limited
- Aryavart Maritime and Educational Trust
The sanctions represent a significant escalation because Washington is targeting not only vessels carrying Iranian petroleum but also the intermediaries allegedly providing the documentation and regulatory cover that allow such ships to operate.
Why False Ship Registrations Matter to International Shipping
A vessel’s flag determines the country responsible for its registration and regulatory oversight. Flag states are expected to ensure compliance with international maritime safety and environmental standards.
Fraudulent registration can allow ships to conceal their ownership, avoid regulatory scrutiny and continue operating despite sanctions.
The insurance implications are particularly significant. Treasury warned that falsely flagged vessels may not possess valid protection and indemnity insurance, potentially exposing coastal countries to enormous financial liabilities if an accident or oil spill occurs.
The US Office of Foreign Assets Control simultaneously issued an industry alert warning maritime companies about the risks of dealing with potentially falsely flagged vessels.
The action puts shipping operators, maritime insurers, banks, vessel classification organisations and other service providers under greater pressure to verify registration documents and the legitimacy of flagging authorities.
The case also has a wider international dimension. A Financial Times investigation published earlier had examined Sharma’s involvement in questionable ship registries across several jurisdictions. Sharma had disputed allegations of knowingly facilitating criminal activity, maintaining that some of his ventures initially had official approval and that he had left the industry.
The latest US designation is a sanctions action based on Treasury’s findings, not by itself a criminal conviction.
Turkish Aviation Company Also Comes Under US Sanctions
Washington’s action was not restricted to maritime operations.
The Treasury Department designated Turkey-based Fugo Ground Services Inc, accusing it of continuing to provide ground handling and other services to sanctioned Iranian airlines operating in Turkey.
The carriers identified by Treasury include Iran Air Tour, Saha Airlines, Sepehran Airlines, Varesh Airlines, Taban Airlines and Ata Airlines Company.
The company allegedly maintained direct service agreements with these airlines, including arrangements that began after several carriers were designated by the US in September 2026.
Washington has repeatedly warned that companies providing aircraft handling, cargo services and other aviation support to sanctioned Iranian carriers could face penalties.
What the Sanctions Mean for Indian Businesses
The designations were imposed under Executive Order 13902, which targets key sectors of Iran’s economy, including petroleum and aviation.
Assets belonging to designated individuals and entities under US jurisdiction, or held by US persons, must be blocked. US persons are generally prohibited from conducting transactions involving their property unless an applicable authorisation or exemption exists.
The restrictions also extend to entities owned 50% or more, directly or indirectly, by blocked persons.
Foreign businesses are not automatically prohibited from every transaction involving a designated person, but non-US entities can face sanctions exposure for certain dealings, particularly transactions involving US persons, the US financial system or conduct that evades or causes violations of US restrictions.
The latest action comes as Washington continues its economic campaign against Tehran amid the US-Iran conflict and disruptions to international energy trade.
For Indian businesses, the case highlights the growing importance of sanctions screening, beneficial ownership verification, maritime documentation and independent confirmation of vessel registrations.
Washington’s message is that companies facilitating Iranian oil and aviation operations can face consequences even when their operations are based outside the United States.
Shelton Rozario