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Second day starts in Iran's $3 billion fraud case

Iran Materials 11 March 2012 12:17 (UTC +04:00)
The second trial session in a $2.8 billion embezzlement case has started in Tehran today, Fars news agency reports
Second day starts in Iran's $3 billion fraud case

Azerbaijan, Baku, March 11/ Trend M. Moezzi/

The second trial session in a $2.8 billion embezzlement case has started in Tehran today, Fars news agency reports.

Thirty two people are accused of involvement in the huge corruption case. Five of them may receive the death sentence if they are found guilty. News of the fraud broke earlier this year in Iran.

The first court session of the trial of 32 defendants charged with involvement in the biggest embezzlement case in Iran's history was held on Feb.19.

Seven state-owned and private Iranian banks are said to be involved in the fraud case, in which documents were also forged in efforts to secure loans and purchase state-owned companies.

The judiciary began investigating the case about five months ago.

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