The trial in Iran of dozens of people over the alleged multi-billion US dollar financial scandal in which letters of credit (L/Cs) played a big role is drawing to a close.

The accused, who include senior bank officials and top businessmen, have been under investigation since last year (DC World News, 11 October 2011).

Largest case

This is Iran's biggest ever fraud case, in which more than a hundred people have been arrested.

Some defendants have been charged with crimes that can carry the death penalty.

Massive fraud

Thirty-nine bills of indictment have so far been issued, while the court hearing the trial has held fifteen sessions. The first session was held in February 2012.

Prosecutors say around US$2.8 billion was filtered out of the Iranian banking system via fraudulent L/Cs which were cashed by banks lacking the proper documents.

The L/Cs were allegedly issued with no collateral and no goods involved.

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