Iranian businessman executed for fraud

Tehran: A billionaire businessman has been executed in Iran for his part in a $2.6 billion state bank scam following the largest fraud case since the country’s 1979 Islamic Revolution.

Mahafarid Amir Khosravi, also known as Amir Mansour Aria, was put to death at Evin prison, just north of Tehran, according to Iran’s state television, reported the Daily Mail.

Khosravi was execution after Iran’s Supreme Court upheld his death sentence, however his lawyer, Gholam Ali Riahi, claimed it was done in secret, and he was not given any notice.

“I had not been informed about the execution,” Mr Riahi said. “All the assets of my client are at the disposal of the prosecutor’s office.”

Officials have not yet commented on Mr Riahi’s claim.

The fraud involved using forged documents to get credit at one of Iran’s top financial institutions, Bank Saderat, and dated back to 2007.

The credit was then used to purchase assets including state-owned companies such as major steel producer Khuzestan Steel Company. A total of 39 defendants were convicted in the case. Four received death sentences, two got life sentences and the rest received sentences of up to 25 years.

The trials raised questions about corruption at senior levels in Iran’s tightly controlled economy during the rule of former President Ahmadinejad.