Iranian businessman hanged over $2.6bn bank fraud

Iranian businessman hanged over $2.6bn bank fraud

PanARMENIAN.Net - A businessman involved in embezzling billions of dollars in Iran's biggest bank fraud case has been executed, state media said, according to BBC News.

Mahafarid Amir-Khosravi was executed at Tehran's Evin prison on Saturday, May 24.

Amir-Khosravi was convicted over a scam which came to light in 2011 and involved using fake documents to obtain credit, leading to the embezzlement of around $2.6bn.

The case forced the then government to deny its members had been involved.

The case broke in September 2011 when an investment firm was accused of forging documents to obtain credit from at least seven Iranian banks over a four-year period.

The money was reportedly used to buy state-owned companies under the government's privatization scheme.

The affair fuelled weeks of political infighting between then President Mahmoud Ahmadinejad and Iran's ruling hierarchy of clerics, with conservative hardliners accusing Ahmadinejad's economy minister of failing to take action over the fraud.

Rights groups have criticized Iran's use of the death penalty, saying that it is one of the world's heaviest users of the punishment.

 Top stories
The launch would be in defiance of repeated warnings by governments who suspect it is a banned test of ballistic missile technology.
Carter said he looked forward to discussing the offer of ground troops with the Saudi Defense Minister in Brussels next week.
The meeting takes place as talks have begun in Geneva to try to end the five-year Syrian civil war, which has killed at least 250,000 people.
"There is no denial that we are dealing with very significant risks," he said, during a visit to the World Economic Forum in Davos.
Partner news