Iran Hangs Billionaire for Bank Fraud, Unlike America where the Rich can get away with Almost Anything
Largest fraud case since 1979 Islamic Revolution sends four scammers to the gallows, including tycoon Mahafarid Amir Khosravi.
Mahafarid Amir Khosravi, aka Amir Mansour Aria, the billionaire at the heart of a $2.6 billion state bank scam, was executed recently state television reported. Khosravi was said to have been the mastermind of the largest fraud case since the country’s 1979 Islamic Revolution.
The report said the execution at Evin prison came not long after Iran’s Supreme Court upheld his death sentence.
Khosravi’s lawyer, Gholam Ali Riahi, was quoted by news website khabaronline.ir as saying that his client was put to death without any notice.
The fraud included forged documents to get credit at one of Iran’s top financial institutions, Bank Saderat, to purchase assets including state-owned companies like major steel producer Khuzestan Steel Co.
Khosravi’s business empire included more than 35 companies from a football club to meat imports from Brazil. According to Iranian media reports, the bank fraud began in 2007.
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 in prison.
The trials raised questions about corruption at senior levels in Iran’s tightly controlled economy during the administration of former President Mahmoud Ahmadinejad.
Mahmoud Reza Khavari, a former head of Bank Melli, another major Iranian bank, escaped to Canada in 2011 before he could be arrested. He faces charges over the case in Iran and remains on the Islamic Republic’s wanted list. Khavari previously admitted that his bank partially was involved in the fraud, but has maintained his innocence.
How many bankers and politicians are guilty of similar crimes in America? How many have been prosecuted? How many have seen even one day in jail?
It is no wonder that in the US so many businessmen and public servants are tempted into crooked deals and scams, when they have little to fear in the form of punishment.
I bet the corruption both in Washington and on Wall Street would abruptly decline if we executed a couple of the bankers responsible for the 2008 bank failures.
But no, in the United States, instead of hanging the bastards we bail them out!
We really do deserve the economic collapse we’re going to get. We could have turned this country around.
We have only our apathy to blame for the horror that’s headed our way.
By Tom Retterbush