12 arrested in Iran for embezzling over $4.5b

Iranian President Hassan Rouhani delivers a speech during a ceremony at the Iran’s Atomic Energy Organization (AEOI) in Tehran on May 11, 2014. (photo credit: AFP/HO/ PRESIDENCY WEBSITE)

TEHERAN – Iranian authorities have arrested 12 people for siphoning off more than $4.5 billion from one of the country’s main banks over several years, media reported Thursday.

The reports come amid government vows to clamp down on corruption in a bid to revive an economy devastated by decades of international sanctions.

President Hassan Rouhani warned Monday that corruption poses a threat to the Islamic republic, pinning the blame on monopolies.

The suspects embezzled from the Kerman branch of Tejarat Bank from 2009 until their arrest in 2013, Shargh newspaper quoted local prosecutor Yadollah Movahed as saying…

  • Dana Garcia

    I thought perfect sharia states like Iran were free of nasty crimes based on greed, Weren’t we told that was the behavior of the dreaded infidel?

  • Ron MacDonald

    But they still have money to arm Hezbollah.

    • winniec

      Their revenues are plummeting.

  • winniec

    The concentration of power in this theocracy has led to millionaire mullahs. There’s more scandals where these came from. When the full accounting comes out, the Persian people will be beyond enraged. The mad mullahs have got to be dragged into court with life sentences all around. They are a pack of arch-criminals.

  • Just a thought

    Mullahs didn’t get their cut?

  • Minicapt

    Full participation in the economy is encouraged, but not to excess.