Iran Hangs Main Convict in $2.6 Billion Banking Fraud

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Iran hangs main convict in biggest banking fraud

Top Daily Story   …   Press TV,  Tehran

Sometimes it is just better to do things the old fashioned way

[ Editor Note: Good gosh....stringing a mega bank fraud guy up on a rope...who would have figured. I wonder if it that might catch on over here as we have so many. We immediatedy need to see if we can get an Iranian exchange program going to teach us how to to it!
But I do think $2.6 billion is a bit too high of a threshold for a date with a first and last rope dance lesson. I would set the capital crime penalty at a couple of million max, because I'm a nice guy, really.

This guy sure had some big cahoonas, using bank fraud money to buy up a bunch of state industries...or maybe a death wish?
We went through our financial pillaging here and not only did we not see a conviction, but are still waiting for the first arrest. We've got to get our Iranian game on folks, and "put the fear" on the bad boys.
Once you can hang them for mega fraud, it's just one more step for political fraud and there would no end to the fun there. Is this Memorial Day dreaming on my part?. It may be, but please indulge me anyway...Jim W. aka 'the hangman' Dean ]

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-  First published May 24,  2014  -

Bye, bye MahAfarid

Iran has executed the number-one convict in the biggest embezzlement case in the country’s banking history.

According to Tehran’s Public Prosecutor’s Office, Mahafarid Amir-Khosravi was hanged at Evin detention center Saturday dawn.

Khosravi was convicted of disrupting the country’s economy through embezzlement, money laundering, and bribery. He had denied many of the charges.

In July 2012, a Tehran court handed down a death sentence to Amir-Khosravi and three others, including Behdad Behzadi, his legal advisor, Iraj Shoja, his financial solicitor and Saeed Kiani Rezazadeh, the head of the Ahvaz branch of Saderat Bank. The first court session in the case was held on February 18.

Former CEO of Iran’s Melli Bank Mohammad Reza Khavari, who is one of the main suspects in the case, is on the run and wanted by the Interpol.

The president of Melli Bank’s branch in Kish received a sentence of life imprisonment and Khodamorad Ahmadi, a former official involved in the embezzlement case, was sentenced to 10 years in prison.

Other defendants were handed down sentences varying from flogging to paying cash fines and being barred from public office.

The defendants stood trial for misappropriating a total of USD 2.6 billion of funds by using forged documents to obtain credit from banks to purchase state-owned companies.

According to the indictment, the owners of Aria Investment Development Company, which is at the center of the controversy, had bribed bank managers to get loans and letters of credit. The company has more than 35 offshoots active in diverse business activities.

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