A further fourteen people have been arrested in the alleged multi billion US dollar letter of credit (L/C) frauds that have shaken the government of Iranian President Mahmoud Ahmadinejad.

This is in addition to the nineteen people already detained in respect of the same suspected frauds (DC World News, 13 September 2011).

Fresh arrests

According to Iranian officials, the latest batch of arrests has taken place over the last three or four days.

Those arrested are thought to include several bank officials according to local media reports.

Recall

Iran's prosecutor general, Gholam Hossein Mohseni Ejei, has called for the former head of state-owned Bank Melli to return to Iran.

Mahmoud Reza Khavari travelled to Canada soon after he resigned as the alleged frauds became public.

Confusion

Meanwhile, there is some confusion over the total value of the alleged L/C frauds.

Economy Minister Shamseddin Hosseini has now scaled down the value of the frauds from US$2.6 billion to US$1.6 billion.

Iranian officials claim to have recovered an unspecified sum of money that they say was embezzled during the alleged frauds.

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