Iran has reportedly executed a billionaire businessman accused and convicted of organising a US$2.6 billion letter of credit (L/C) fraud.

Mahafarid Amir Khosravi was amongst dozens of people, including senior bank officials and figures with high level political connections who, it emerged in 2011, were being investigated for their roles in the L/C frauds (DC World News, 11 October 2011).

Central figure

Otherwise known as Amir Mansour Aria, Khosravi is reported to have been executed by hanging in a Tehran prison.

He was believed to be the central figure in largest known fraud in Iran since 1979 when the Islamic republic was founded.

Bank complicity

Reports suggest the fraud was first perpetrated in 2007, when Khosravi and his associates forged documents to fraudulently obtain a credit line from Bank Saderat.

Forged L/Cs were also obtained from several other major banks, where key managers were offered bribes.

Other sentences

Of the 39 defendants eventually convicted in this case, four have been sentenced to death while two have been handed down life sentences.

The remaining defendants have received jail terms of up to 25 years.

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