The Tehran Prosecutor General has confirmed the death sentence for four of the people accused in Iran’s $3-billion fraud case.
Iranian media reported on Sunday February 17 that the Supreme Court of Iran has confirmed the death sentences as well as fines levied against the four top individuals charged with financial corruption in the case.
They are: Mahafarid Amir Khosravi, the head of Amir Mansour Arya Company; Behdad Behzadi, the company’s financial adviser; Iraj Shojai, the financial sources and investment development officer of Amir Mansour Arya Company, and Saeed Kiyani Rezazadeh, the head of Ahvaz Bank of Saderat branch. They will be executed following the necessary legal procedures.
All four were charged with “corruption on earth through disruption of the economic system of the country”, which includes crimes such as “embezzlement, money laundering and forgery.”
Reports indicate that the head of a Kish Melli Bank branch has been sentenced to life in prison and a fine for his involvement in the case.
The $3-billion fraud case involved a large network of banks and financial institutions that took part in the sale of fraudulent letters of credit, which led to a loss of $3 billion dollars shared by more than eight banks. Reports indicate that a Bank of Saderat branch in Khuzestan province used its connections with other Bank of Saderat and Melli Bank branches to get unlimited lines of credit without any proper collateral or acceptable repayment plans.