« | Home | Categories | »

Iran hangs billionaire over $2.6b bank fraud

Posted on May 24th, 2014 at 22:56 by John Sinteur in category: Robber Barons -- Write a comment


A billionaire businessman at the heart of a $2.6 billion state bank scam, the largest fraud case since the country’s 1979 Islamic Revolution, was executed Saturday, state television reported.Authorities put Mahafarid Amir Khosravi, also known as Amir Mansour Aria, to death at Evin prison, just north of the capital, Tehran, the station reported. The report said the execution came after Iran’s Supreme Court upheld his death sentence.


The fraud involved using forged documents to get credit at one of Iran’s top financial institutions, Bank Saderat, to purchase assets including state-owned companies like major steel producer Khuzestan Steel Co.

Khosravi’s business empire included more than 35 companies from mineral water production to a football club and meat imports from Brazil. According to Iranian media reports, the bank fraud began in 2007.

A total of 39 defendants were convicted in the case. Four received death sentences, two got life sentences and the rest received sentences of up to 25 years in prison.

  1. I can think of a lot of our “buseness” persons who could be dealt with in a similar matter. The Koch brothers come to mind…

  2. It’s always been the role of the 1% to lead and pillage as recompense. Iran should be careful to not threaten the status quo.

previous post: Comcast Employing 40 Lobbying Firms to Get Merger Approved

next post: Interpreters and Compilers (Bits and Bytes, Episode 6)