Article

2011-09-12 Syria-Lebanon-Iran

Iran Hit by Massive $2.6 Billion Banking Scam

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.

Another Stuxnet?

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.

Don't they usually name people in news reports over there? Why "Mr. X" this time?

"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 organization was one of the victims of the fraud, said seven other banks were also hit.

Head of general inspection organization, Mostafa Pour Mohammadi, labeled the fraud "the most unprecedented financial corruption case" in the Islamic republic's history. He did not elaborate.

Influential conservative politician 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 placed in long-term storage" before the media got wind of the story. He did not elaborate.

The Germany-based corruption watchdog Transparency International last year ranked Iran 146th out of 178 countries on its annual list.

Posted by Fred 2011-09-12 00:00|| || Front Page|| [12 views ] Top
File under: Govt of Iran

#1 Scam? this is normal activity in this part of the world and other areas of the world. Who you are connected to. I am not surprised. In my opinion this is taught at an early age. This activity is in all aspects of society. "Mr X" just Madoffed it.

Posted by Dale 2011-09-12 07:35|| 2011-09-12 07:35|| Front Page Top

#2 Gawd, I hope "Mr. X" is from the Mossad. That would be delicious.

Even more delicious would be if they made it look like Mr. X was Ah-ma-dinnah-jacket. :-D

Posted by Barbara 2011-09-12 09:33|| 2011-09-12 09:33|| Front Page Top

#3 Sun Tzu sez, "Disinformation is a fun and interesting way to help defeat the enemy."

In this case, with finances.

Posted by Alaska Paul 2011-09-12 15:08|| 2011-09-12 15:08|| Front Page Top

#4 Nope. Not a peep on Press TV...

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

Ummmmmmm...I don't think he has to.

Posted by tu3031 2011-09-12 15:18|| 2011-09-12 15:18|| Front Page Top

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