Iran uncovers second bank fraud
Azerbaijan, Baku, May 1/Trend M. Moezzi
As the trial in a $3 billion embezzlement case continues, Iranian officials say they've discovered fraud at another government owned bank, Mehr news agency reports.More details of the case will be forthcoming.
Preliminary information shows it involves a government bank granting tens of millions of Euros and several million dollars in banking facilities to a private company in the southern province of Hormozgan on the Persian Gulf.
The Hormozgan office of Iran's General Inspection Organisation was able to stop an additional 20 million Euro payment to the company whose debts are far more than its assets.
The newly discovered case of fraud comes as a $3 billion embezzlement trial continues. That case involves the Amir Mansour Arya Group, accused of using its influence and government officials' cooperation to obtain forged letters of credit and huge bank loans that far exceeded its own value.
Mah Afarid Amir Khosravi is the lead defendant in the case, but denies the charges against him. Mr. Khosravi controlled the Arya Group.