Iran Billionaire Executed over $2.6 billion bank fraud, says report

A billionaire Iranian businessman involved in a $2.6 billion state bank scam has been executed.

Iranian state television reported on May 24 that Mahafarid Amir Khosravi, also known as Amir Mansur Aria, was executed at Evin prison, north of Tehran earlier in the day.

Gholam Ali Riahi, Khosravi’s lawyer told Iranian news website khabaronline.ir that “he had not been informed of the execution,” and that Khosravi’s assets were at the “disposal of the prosecutor’s office.”

The crimes that led to Khosravi’s death related to a massive campaign of fraud that had started in 2007.

The fraud involved Khosravi forging documents to get credit from Iran’s biggest bank, Bank Saderat.

Khosravi used the credit to purchase state-owned assets including Iran’s major steel producer Khuzestan Steel Co.

Khosravi also used the money to buy 35 other companies, which included a mineral water producer, a meat importer and a football team.

The trial has raised questions about the level of corruption in the state-regulated economy of Iran.

Many believe that during the administration of President Mahmoud Ahmadinejad corruption was rife throughout those that controlled the country’s economy.

The government denied any involvement with the actions of Khosravi.

Agencies/Canadajournal