The trial is continuing of people allegedly involved in the highly politicised multi-billion US dollar frauds involving letters of credit (L/Cs) in Iran.

Meanwhile, press reports suggest that bankers at one of the banks allegedly involved in the fraud may have known about it.

Trial proceeding

Dozens of people, including senior bank officials and one of Iran's top businessmen, are being investigated for their roles in the alleged US$2.8 billion financial scandal in which L/Cs are supposed to have played a big role (DC World News, 26 October 2011).

Some of those under investigation have now been brought to trial - a process made difficult by the absence of key witnesses.

These include the former head of Iran's Bank Melli, Mahmoudreza Khavari, who reportedly fled to Canada soon after news of the alleged frauds broke last year.

Bankers aware

Meanwhile, Iran's Fars News Agency has reported that employees at all levels of Bank Melli were well aware of the L/C frauds.

Also, the prosecutor at the trial in which some of the suspects in the alleged frauds have already appeared has expressed surprise that after eight months, neither Bank Melli nor the court has heard any complaints from bank employees.

He also noted that there have been no requests from the bank for the return of allegedly stolen funds.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.