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Iranian Billionaire Businessman Executed Over $2.6bn Bank Fraud

Published: May 24, 2014
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Source: IB Times

An Iranian businessman accused of orchestrating the largest fraud in the country's history by swindling $2.6bn (£1.5bn) from banks has been hanged, state television reported.

Mahafarid Amir Khosravi, also known as Amir Mansour Aria, was executed at Evin prison, north of the capital Tehran.

A statement from the justice department read on state television said he was convicted of "corruption on Earth... through bribery and money laundering". The death penalty was announced after the Supreme Court upheld his sentence.

In 2011, the scandal involving a group of dozens of associates headed by him and his brothers was uncovered. They were accused of forging documents to get credit from Iran's leading financial institutions to invest in a range of industries, including a state-owned steel company.

Their illegal transactions date back to 2007, and within two years, Amir Mansour Aria Development Co, purchased over 35 companies ranging from mineral water production to meat imports.

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