Two MPs accused of involvement in Iran's US$2.8-billion letter of credit (L/C)fraud have been acquitted of the charges against them, according to Tehran's prosecutor general.

The acquittals are just the latest instalment in legal proceedings that began in February 2012 and are not over yet.

Acquittals

The head of the Iranian parliament's National Security and Foreign Policy Commission, Alaeddin Boroujerdi,and the head of parliament's Economic Commission, Arsalan Fathipour, are believed to have been acquitted.

A third MP, thought to be Mohammad Dehghan, is still awaiting the court's verdict.

Case history

Prosecutors say that the enormous sum of money was filtered out of the Iranian banking system via fraudulent L/Cs that were cashed by banks, even though they did not have the proper documents.

The L/Cs from eight major Iranian banks were allegedly issued with no collateral and no goods involved (DC World News, 24 July 2012).

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