Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Four face death in Iran over $2.6bn banking fraud

Monday 30 July 2012 15:43 EDT
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

Four people face execution over a $2.6bn bank (£1.7bn) bank fraud described as the biggest financial scam in Iranian history. Two more of the 39 accused in the case were jailed for life, state media reported yesterday.

The trial, which began in February, involved some of the country's largest financial institutions and raised uncomfortable questions about top-level corruption in Iran's tightly-controlled economy.

The man described by Iranian media as the mastermind of the scheme, the businessman Amir Mansoor Khosravi, is said to have forged letters of credit from Iran's Bank Saderat to fund dozens of companies and to buy a state-owned steel factory.

Mahmoud Reza Khavari, the former head of Iran's biggest bank, the state-owned Bank Melli, quit over the affair and has reportedly fled to Canada.

AP/REUTERS

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in