This Is How Other Countries Deal With Financial Crooks

| by Allison Geller

An Iranian billionaire who defrauded billions of dollars has been executed, according to Iranian media.

Mahafarid Amir Khosravi, who also goes by Mansour Aria, was convicted of spearheading a $2.6 billion scam and hanged shortly after, according to the Independent. Three other people were also sentenced to death, while two were sentenced to life in prison. Thirty-three more defendants face jail time.

A statement from the country’s justice office found Khosravi guilty of "corruption on Earth... through bribery and money laundering." He was executed in Evin prison, north of Tehran, according to the International Business Times.

The execution was conducted secretly without Khosravi’s lawyers’ knowledge, they said. Defense lawyer Gholam Ali Riahi told Iranian news website that he “had not been informed” of the sentence and that that his defendant’s assets were at the “disposal of the prosecutor’s office.”

Khosravi will go down in Iranian history as the biggest fraudster the country has ever seen. The scam goes back to 2007, when Khosravi began forging documents to obtain credit from Iran’s biggest bank, Bank Saderat. He used the credit to purchase state-owned assets and 35 private companies.

The scandal came to light in 2011. At least one of those implicated is on the run, former Bank Melli chief Mahmoud Reza Khavari. The government has placed a warrant on Khavari, who fled to Canada but denies all charges.

Sources: Independent, International Business Times.