The biggest banking fraud in Iran’s history.. Results [View all]

[Ichingcarpenter]

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The outcome of the biggest banking fraud case in Iran’s history was made official on February 18. According to Associated Press, four bankers have been sentenced to death in Iran for their role in a $2.6B scandal, while two more bankers were given life sentences, and 33 more accomplices will spend up to 25 years in jail, the chief prosecutor was quoted as saying. This is the biggest banking fraud in Iran’s history, and the stiff decision reveals that the bankers in Iran don’t run the country.

Iran’s Supreme Court upheld the sentence passed at the trial last summer. Attorney General Gholam-Hossein Mohseni-Ejei told reporters that the four bankers were guilty of corruption and “disrupting the country’s economic system.” The scandal involved the use of forged documents in order to receive credit from banks, which enabled them to purchase state-owned companies.

Iran’s PressTV said that, according to the indictment, the owners of Aria Investment Development Company, which has 35 offshoots active in diverse business activities, had bribed bank managers to get loans and letters of credit.


The four people sentenced to death include Aria President Mahafarid Amir-Khosravi, his legal adviser, Behdad Behzadi, his financial solicitor, Iraj Shoja and the head of the Ahvaz branch of Saderat Bank, Saeed Kiani Rezazadeh. The president of the Bank Melli branch in the city of Kish was sent to prison for life. Former Deputy Minister Khodamorad Ahmadi has been sentenced to 10 years in prison. Several others involved have also been slapped with heavy fines and many have also been prohibited from holding public office.

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