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Iran hit by massive '$2.6 bn banking scam'

Discussion in 'International Forum' started by MaxShimba, Sep 12, 2011.

  1. MaxShimba

    MaxShimba JF-Expert Member

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    Sep 12, 2011
    Joined: Apr 11, 2008
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    Several Iranian banks have been targeted in one of the biggest frauds in the Islamic republic's history, losing nearly $2.6 billion in more than two years, media reports said Sunday.


    The fraud was reportedly orchestrated by a single man, referred to as "Mr X" in Iranian media, who developed a network and used forged letters of credit to purchase assets, including one of Iran's largest steel production companies, Khuzestan Steel Company.


    "Mr X" ran his master plan from June 2009 to last August, pocketing around 28 trillion rials (nearly $2.6 bn) and also unsuccessfully attempting to form a new bank," said central bank chief Mahmoud Bahmani in remarks published Sunday.


    Bank of Saderat CEO Mohammad Jahromi, whose organisation was one of the victims of the fraud, said seven other banks were also hit.
    Head of general inspection organisation, Mostafa Pour Mohammadi, labelled the fraud "the most unprecedented financial corruption case" in the Islamic republic's history. He did not elaborate.


    Influential conservative lawmaker Ahmad Tavakoli said the case represented "a terrible corruption disease (lurking) in (Iran's) banking system and administrative apparatus."


    On Wednesday, judiciary chief Ayatollah Sadeq Larijani said "the people involved in this case have been arrested" before the media got wind of the story. He did not elaborate.


    Iran hit by massive '$2.6 bn banking scam' - Yahoo! News
     
  2. ubun2

    ubun2 Senior Member

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    Sep 12, 2011
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    There is something similar in Tanzania known as a special project of few TZ officials & friends-the Valambhia case! Open draft at the BoT continues on this matter even after the Judgement from highest court of the land, the COA, ordering the TZ gvt. to obey the Rule of Law. Even after exhausting the whole decretal amount, the so called case which legally is res judicata is resurrected (in what could be considered a blatant disregard for the law) so that billing and invoicing continues at the BoT. However, NO ONE cares to STOP this daylite robbery going on at the BoT because its a cash generating machine for the few&mighty. No one cares to stop this!
    To say how completely ridiculous, absurd the whole thing is, is to say the least. There is a report conducted by an independent lawyer on the matter hired by the BoT, yet this report never reaches the desk of the current AG. It floats like a kite with the few&mighty holding its string.
    Read article by Richard Mgamba "Revealed: the most expensive legal suit in Dar's History." Article is suppressed online. However, can be found at the Guardian offices. Article appeared in June 2009-the Sunday Guardian.
    Journalists are not writing on it because in one journalist's words, their lives are being threatened.
     
  3. FairPlayer

    FairPlayer JF-Expert Member

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    Sep 12, 2011
    Joined: Feb 27, 2006
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    Terrible indeed. I am shocked how could Mr X managed all this along?
     
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