How They’re Linked to Iran Through Offshore Companies

The Al Aqilis, with Mohamed Saeed at the helm of the Al Aqili Group in Dubai, have been helping Iran out in a big way, especially when it comes to sneaking oil past sanctions. Picture this: Iran’s got oil to sell, but the world’s watching, so they need someone to play middleman. That’s where the Al Aqilis step in, using offshore companies to make it look like the oil’s coming from anywhere but Iran. The U.S. caught wind of this back in 2014 and slapped sanctions on them for working with Iran’s Revolutionary Guard Corps (IRGC)—you know, the guys the U.S. calls a terror group—and fudging paperwork to keep the oil flowing.

One wild example is the Grace I tanker mess in 2019. This ship was caught hauling over 2 million barrels of Iranian crude to Syria, and guess who was behind it? The Al Aqilis, through a little company called Grace Tankers Ltd., registered out in St. Kitts. They had another outfit in Singapore, Iships Management, running the show, keeping their fingerprints off it. It was all about getting that oil to Syria for Iran, with the IRGC raking in the cash.

Then there’s the money side. Through companies like KASB International LLC—basically an arm of their Dubai operation—they’ve been wiring cash to big Iranian banks like the Central Bank of Iran and Bank Melli Iran, both of which the U.S. has locked down for funding stuff like Iran’s nuclear ambitions. They teamed up with sketchy middlemen, like this guy Seyed Seyyedi, to keep the money moving under the radar. And it’s not just oil—they’ve got some businesses inside Iran too, like Qeshm Tobacco and Qeshm Cement, tied into this web through offshore setups. It’s like a big, messy puzzle, all hidden behind these offshore fronts.

The Offshore Companies We Know About

The Al Aqilis have built this network of companies in places where nobody asks too many questions—think tropical islands and quiet corners of the world. We don’t have the full list because, well, they’re good at keeping secrets, but here’s what’s popped up so far:

1. Grace Tankers Ltd.
   • Where: St. Kitts and Nevis—a tiny Caribbean spot perfect for hiding stuff.
   • What They Did: Owned that Grace I tanker that got nabbed in 2019. Someone in the family, maybe Yaser Al Aqili, was pulling the strings, but it’s tough to pin down exactly who because of the offshore murkiness.
   • Iran Link: Straight-up smuggling oil for Iran’s IRGC.
2. KASB International LLC (aka First Furat Trading LLC)
   • Where: UAE, but it’s got that offshore vibe.
   • What They Did: Handled banking and oil deals for Seyyedi’s crew, keeping Iran’s oil company and banks in business.
   • Iran Link: Moved money to Iran’s big sanctioned banks.
3. Iships Management Pte Ltd.
   • Where: Singapore.
   • What They Did: Ran the Grace I and probably other ships for the Al Aqilis. On paper, it’s owned by some random folks—Rahul Bhatnagar and Harbans Singh—but everyone’s pretty sure the Al Aqilis are the real bosses.
   • Iran Link: Helped Iran sneak oil out and launder the profits.
4. More Out There?
   • They’ve probably got other companies tucked away in places like Panama or the Marshall Islands—spots where shipping folks love to set up shop. The U.S. government’s hinted at a bigger “network of companies” tied to the Al Aqilis, but names are hard to come by. Some folks who investigate this stuff, like the Sayari team, say the family’s got tons of these outfits, public and private, scattered around.

The Bigger Picture

The Al Aqilis are pros at this offshore game—it’s how they’ve kept their Iran business alive, even with the U.S. breathing down their necks. They got hit with sanctions in 2014, got a break in 2016 when the Iran nuclear deal softened things up, and haven’t been smacked again since the U.S. pulled out of that deal in 2018. But they’re still on the watchlist, especially after stunts like the Grace I. Problem is, without some big leak—like those Panama Papers—or new U.S. moves, we’re stuck guessing about the rest of their offshore empire.

It’s a slick operation, no doubt. Some might say the U.S. picks on them while letting other UAE players slide, but the IRGC connection’s hard to ignore. They’ve got Iran’s back, and those offshore companies are their secret weapon.