Sunil Kumar Sharma and Jaspreet Preeti Shahid, an Indian couple based in Chandigarh, have been sanctioned as part of the U.S. Operation Economic Outcast for managing a vast network of fake vessel registrations that services oil tankers carrying Iranian oil.
Network of Fake Vessel Registrations
According to the U.S. Department of the Treasury, this couple has been involved in identity fraud of flag administrations since 2014. They initially attempted to present themselves as a maritime authority of Dominica and gradually created websites that offered vessel registrations for various jurisdictions such as Guyana, Aruba, Mali, Mozambique, Malawi, Sint Maarten, and East Timor.
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Continued Activities and Sanctions
Sunil Kumar Sharma also established "Swaziland Maritime Affairs" and "International Vessel Registration" based in Singapore in 2023. This company continued to provide flagging services to Iranian tankers, even though Swaziland officials publicly distanced themselves from them. Among the sanctioned vessels is the "Ping Shun," which is linked to this operation.
The U.S. also referenced the seizure of the "Majestic X" in April, a vessel carrying Iranian oil that falsely claimed to be registered in Guyana. Other vessels associated with this network include "Latfa," "Binary Star," and "Vera."
The Office of Foreign Assets Control (OFAC) has issued a new warning about the sanctions risks associated with fake vessels. The Treasury Department has stated that vessels operating under fake registrations lack valid insurance protection and indemnity, which could expose coastal states to significant financial liabilities.
These sanctions follow previous actions by Washington in October against transportation representatives in Singapore and Dubai and a Greek-Panamanian law firm accused of facilitating Iranian trades. The issue of fake registrations is rapidly growing, with recent reports identifying 580 vessels with fake flags in the IMO database, an increase of 23.4% since the end of 2025.
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