IRNA reports that MahAfarid Khosravi, the chief suspect in the $3-billion bank fraud dubbed the “Great Embezzlement”, was hanged on Saturday morning at Evin Prison.

Tehran’s Public and Revolutionary Courts website reported that MahAfarid Khosravi’s death sentence for “corruption on Earth through participation in disruption of the economic system and collusion and corruption in the banking system and resorting to fraudulent and criminal practices to obtain billions of toumans as well as money-laundering and giving bribes” was issued and carried out.

Khosravi was CEO of the Amir Mansour Arya Investment Company, which had 30 subsidiaries. He was arrested in September of 2011.

According to a spokesman for the Iranian judiciary, four people have been sentenced to death in connection with this matter. Another two have reportedly been sentenced to life in prison and another 21 individuals have also received heavy prison terms.

The report added that a number of MPs were also implicated in the crime but the charges were dropped for lack of sufficient evidence.