# Treasury Sanctions an India-Based Maritime Fraud Network and a Turkish Ground-Services Firm Under 'Operation Economic Outcast' to Squeeze Iran, Breitbart Reports

Breitbart says Wednesday's action targets a network that sold false flags and fake certificates to Iran's oil-carrying 'shadow fleet,' plus a firm that serviced sanctioned Iranian airlines. Bessent: 'You are either with us or against us.'

- Section: [Border & Security](https://rightnewsrightnow.com/border-security/)
- Published: 2026-11-04
- By: RightNewsRightNow Staff
- Canonical page: https://rightnewsrightnow.com/articles/treasury-operation-economic-outcast-sharma-network-fugo-ground-services-iran-shadow-fleet-bessent-breitbart/

The Treasury Department added new targets Wednesday to its sanctions campaign against Iran, Breitbart reports.

The quote. Treasury Secretary Scott Bessent said: "As we have said many times, under Operation Economic Outcast, you are either with us or against us. We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air."

The maritime network. Treasury named a network run by India-based Suniel Kumar Sharma and his spouse, Jaspreet Preeti Shahid, which it says has defrauded maritime registries in several jurisdictions to create false flagging authorities and classification societies. Three other Indian nationals are also named. Treasury says the scheme, believed to have begun in 2014, let Iran's shadow fleet evade rules on crew safety and environmental protection. Falsely flagged ships carry no valid protection and indemnity insurance, so a spill or accident could cause billions of dollars in damage to the countries whose waters they are in, according to Treasury.

The airline link. A Turkey-based company, Fugo Ground Services Inc., was also targeted. Treasury says it had direct service agreements with U.S.-sanctioned Iranian carriers and provided services to Iran's aviation sector in September. Treasury says it has repeatedly warned it will act against those who support Iran's aviation industry.

The effect. All property and interests in property of the blocked persons that are in the United States or in the hands of U.S. persons are blocked and must be reported to the Office of Foreign Assets Control.

The blockade claim. Breitbart says unnamed sources familiar with the operation told it the Naval blockade has stopped any further movement of Iranian oil since mid-October.

What we could not check. We read Breitbart's account, not Treasury's own press release, which Breitbart links. The blockade claim comes from unnamed sources and we could not verify it. The allegations against the named people and firms are Treasury's, and we found no response from them.

## Source

Original reporting: [Breitbart](https://www.breitbart.com/national-security/2026/11/04/operation-economic-outcast-targets-maritime-fraud-network/)