Treasury Targets Maritime Fraud Network Linked to Iran
U.S. Treasury sanctions India-based network aiding Iran’s oil smuggling efforts.
2 min read
The U.S. Department of the Treasury has taken action against a maritime fraud network linked to Iran’s efforts to evade sanctions, as part of Operation Economic Outcast. The move targets India-based Suniel Kumar Sharma and his spouse, Jaspreet Preeti Shahid, who have been involved in a scheme that allows Iranian vessels to operate under false flags, thereby evading international regulations.
Operation Economic Outcast Targets Fraudulent Network
According to the Treasury, the Sharma Network has been using a web of maritime fraud, including false flags and fake certifications, to support Iran’s shadow fleet. These vessels operate without valid protection and indemnity insurance, which could lead to billions of dollars in damages if they cause incidents in the territorial waters of other countries.
The network, believed to have started its criminal activities in 2014, has defrauded maritime regulatory authorities across multiple jurisdictions. It has falsely represented nations from nearly every continent, enabling the Iranian shadow fleet to bypass international restrictions on their operations. Three other Indian nationals are also named in the sanctions.
Additional Targets Include Turkey-Based Company
Another target of Operation Economic Outcast is Turkey-based Fugo Ground Services Inc., which has been providing support to Iran’s aviation sector. The Treasury has warned repeatedly that it will take action against those aiding Iran’s aviation industry, which is a key enabler of the regime’s destabilizing activities.
Fugo has direct service agreements with U.S.-sanctioned Iranian carriers and provided services to the Iranian aviation sector in September of this year. The Treasury emphasized that all property and interests of the designated persons in the U.S. or under U.S. control are now blocked and must be reported to the Office of Foreign Assets Control.
Naval Blockade Halts Movement of Iranian Oil
According to sources familiar with the operation, the Naval blockade has effectively stopped any further movement of Iranian oil since mid-October. The Treasury stated that its enforcement actions continue to evolve as sanctions evasion tactics change.
Source: Breitbart
