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Prosecutors in New York have indicted an Iranian shipping company for setting up companies as fronts to evade U.S. economic sanctions and dupe New York-based banks into processing wire payments totaling more than $60 million.

An indictment filed in state court charged the state-sponsored Islamic Republic of Iran Shipping Lines with conspiracy and falsifying business records.

Fifteen other defendants are named in the indictment. The shipping line is barred from transacting with or through American banks.

Prosecutors accuse it of violating UN Security Council resolutions by chartering vessels to transport weapons to countries linked to terrorism.

compiled from agency reports