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Verdicts of Iran’s biggest financial fraud case to be served

Business Materials 2 September 2012 12:11 (UTC +04:00)
The verdicts related to the biggest ever financial fraud case in Iran will be served to convicts today, the IRNA news agency reported.

Azerbaijan, Baku, Sep.2 /Trend F.Milad/

The verdicts related to the biggest ever financial fraud case in Iran will be served to convicts today, the IRNA news agency reported.

The convicts shall have 20 days from the date of service to file any objection.

The biggest fraud in the 32-year history of the Islamic Republic revolves around forged documents allegedly used by the directors of the Amir Mansour Aria Investment Company to secure loans totaling $2.6 billion to buy state-owned companies under the government's privatization scheme.

Seven banks, including Bank Saderat - a large, partly privatized company - have been implicated in the scandal which began in 2007 but only came to light last September.

On July 30, four individuals convicted of involvement in the $2.6 billion financial fraud case were sentenced to death.

The convicts were among the 39 defendants in the case whose trial ended on July 15.

Two convicts received life imprisonment and other convicts were sentenced to 25 years or less in prison.

In addition to the mentioned sentences, a number of the convicts have been ordered to pay fines and return the assets acquired through the fraud.

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