Iran’s General Auditor has announced that the property of Babak Zanjani, the Iranian tycoon who has been under arrest for defaulting on exorbitant amounts of debt to the oil ministry, has been handed over to the ministry.

Babak Zanjani

Babak Zanjani

The Tasnim website reports that according to Nasser Seraj: “The property of Babak Zanjani will not cover his debt; however, all of his property has been identified and handed over to the oil ministry.”

Zanjani was arrested in December of 2013 while owing 8.6 trillion toumans to the oil ministry. Earlier he had been quoted as saying that he was engaged in selling oil through a network of over 60 companies in Dubai, Turkey and Malaysia, and claimed he had made 17.5 billion dollars in profit from his ventures.

According to the auditor general, the judiciary is in the process indicting Zanjani.