Monday May 26, 2014

I've Been Thinking:

Iran executed a billionaire for perpetrating a $2.6 billion fraud.
Mahafarid Amir Khosravi, also known as Amir Mansour Aria, was hung in prison in a secret execution. Even his lawyer was not informed that the execution was to take place.

Khosravi was involved in the biggest bank scam in the history of the Islamic Republic. Thirty nine people were convicted. Four were executed, two were given life sentences and the rest were given twenty-five years.

Considering how controlled the Iranian economy is, the case raises questions as to how it was possible to perpetrate such a huge fraud and over so long a period of time.

The fraud began in 2007 with forged documents that enabled bank loans. The loans were used to purchase thirty-five companies. The state owned steel company was bought. A mineral water company was bought. A soccer team and a meat importing company were bought. In such a highly controlled economy, it is highly likely that there were also government payoffs.

The banks played a huge role in the fraud and many of the players were former banks executives. Some of those involved were able to escape Iran. One character escaped to Canada. I expect that, over the next few weeks, he will spill the beans about the government involvement in this colossal fraud.

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