Operation Economic Outcast Targets Maritime Fraud Network

The U.S. Department of the Treasury provided an update on Operation Economic Outcast as their latest action Wednesday targets a maritime fraud network assisting Iran’s ability to evade sanctions involved with the transportation of oil. “As we have said many times, under Operation Economic Outcast, you are either with us or against us,” said Treasury Secretary Scott Bessent in a statement. “We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air.” Treasury’s action takes on the criminal network of India-based Suniel Kumar Sharma and his spouse, Jaspreet Preeti Shahid, who have supported Iran’s shadow fleet through a web of maritime fraud including false flags and fake maritime certifications. The Sharma Network allows vessels engaging in illicit activity to evade international regulations aimed at ensuring crew safety and safeguarding against environmental harm. Falsely flagged vessels carry no valid protection and indemnity insurance, meaning that Iranian shadow fleet vessels operating under false flags could potentially cause billions of dollars in damages to the economies of the countries in whose territorial waters they operate, Treasury stated. WATCH — Exclusive – Bessent on Further Iran Sanctions: “The Snake’s Dead but It Doesn’t Know Its Dead”: The Sharma Network, which is believed to have begun criminal operations in 2014, has defrauded maritime regulatory administrations in multiple jurisdictions in order to establish false flagging authorities and maritime classification societies. It has falsely represented nations from nearly every continent and allowed the Iranian shadow fleet to evade international restrictions on their operation. Three other Indian nationals are also named. In addition, another target of Operation Economic Outcast is Turkey-based company Fugo Ground Services Inc. for its ongoing support of Iran’s aviation sector. The department said it has repeatedly warned it will take action against those who continue to support Iran’s aviation industry, a key enabler of the regime’s destabilizing proliferation and terrorist activity. Fugo has direct service agreements with U.S.-sanctioned Iranian carriers and provided services to the Iranian aviation sector in September of this year. Sources familiar with Treasury’s operation told Breitbart News the actions target a different layer of the problem and their enforcement actions continue to evolve as sanctions evasion evolves. As a result of today’s action, all property and interests in property of the designated or blocked persons in the United States or in the possession or control of U.S. persons are blocked and must be reported to the Office of Foreign Assets Control. In an update on the status of Iran’s shadow fleet, sources familiar with the operation have indicated the Naval blockade has stopped any further movement of Iranian oil since mid-October. Follow Matt Mercer on X: @mattmercer.