📅 04 November 2026 • U.S. Treasury (OFAC)
OFAC Targets Global Maritime Fraud Network Behind Iran Shadow Fleet False Flags
On 04 November 2026 OFAC designated 4 individuals and 10 entities under Executive Order 13902. Listed are India-based Suniel Kumar Sharma, his wife Jaspreet Preeti Shahid, plus Ashwani Kumar Dhiman and Ishwinder Singh, along with 9 India-linked companies and Türkiye-based Fugo Ground Services Inc. The scheme supplied false ship flags and fake certifications to tankers carrying Iranian petroleum, including vessels for the Iranian military and its proxies.
Fake registries impersonating real flag authorities
Per Treasury, the network impersonated maritime authorities of countries including Guyana, Eswatini and Laos, issuing registration documents and certifications without authorization. Lookalike websites offered vessel registration, seafarer certification and classification. Treasury traces the scheme to at least 2014, when Sharma and Shahid sought to impersonate the flag administration of Dominica. Falsely flagged vessels carry no valid protection and indemnity insurance, so one incident could cause damage in the billions of dollars.
Aviation angle: Fugo Ground Services
OFAC also designated Türkiye-based Fugo Ground Services Inc for ground-handling services to 6 US-designated Iranian airlines: Iran Air Tour, Saha, Sepehran, Varesh, Taban and Ata. Treasury said the company began servicing several of these carriers in the weeks after their 08 September 2026 designations, despite earlier warnings that enabling sanctioned Iranian airlines would have consequences. E.O. 13902 targets the Iranian petroleum, petrochemical and aviation sectors.
New OFAC alert on falsely flagged vessels
Alongside the designations, OFAC published an industry alert titled Iranian Shadow Fleet Reliance on False Flags for Sanctions Evasion. It warns maritime companies of sanctions risks in dealing with potentially falsely flagged vessels and re-emphasizes screening against unscrupulous actors. The action is part of Operation Economic Outcast, launched on 24 August 2026 to sever revenue channels supporting the Iranian regime.
IMPACT
For maritime service providers, ship registries, insurers and banks the action means re-screening vessel flags and certifications and enhanced due diligence in line with the new OFAC alert. Listed persons and entities face blocking of any US-linked property, and entities owned 50 percent or more by listed parties are blocked even without explicit naming. Non-US counterparties dealing with the network risk secondary sanctions exposure under E.O. 13902.
Sources: https://home.treasury.gov/news/press-releases/sb0681/, https://gcaptain.com/u-s-targets-fraudulent-ship-registries-used-by-irans-shadow-fleet/, https://ofac.treasury.gov/recent-actions/20261104, https://www.al-monitor.com/originals/2026/11/us-slaps-sanctions-indian-turkish-firms-and-people-aiding-iran-0
Sources:
- https://home.treasury.gov/news/press-releases/sb0681/
- https://gcaptain.com/u-s-targets-fraudulent-ship-registries-used-by-irans-shadow-fleet/
- https://www.al-monitor.com/originals/2026/11/us-slaps-sanctions-indian-turkish-firms-and-people-aiding-iran-0
- https://ofac.treasury.gov/recent-actions/20261104
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