Iranian billionaire to be executed for $2.8bn fraud

Babak Zanjani, one of Iran’s celebrated billionaires, has been sentenced to death by execution, having been convicted of corruption after a long trial on accusations he fraudulently pocketed $2.8 billion.

A justice official announced the punishment Sunday. Zanjani, allegedly became notorious for finding ways to channel hard currency from oil sales during the sanctions-ridden era of president Mahmoud Ahmadinejad from 2005 to 2013. The courts, however, ruled that he could appeal.

Forty-one-year old Zanjani was arrested in December 2013, three months after current President Hassan Rouhani took office, having pledged to crack down on corruption.  He was convicted of fraud and economic crimes and must repay money to the state as well as face the death penalty, judiciary spokesman Gholam Hossein Mohseni-Ejeie said.

The trial was public, a rarity for such a major case in Iran. There were two other accused alongside Zanjani.

Read also: Family of FBI agent held in Iran for 9 – yrs calls for his release

“The preliminary court has sentenced these three defendants to be executed, as well as paying restitution to the plaintiff,” said Mohseni-Ejeie, adding this was the oil ministry.

They must also pay a “fine equal to one fourth of the money that was laundered”, the spokesman said, without specifying the sum.

Zanjani had denied wrongdoing, insisting the only reason the money had not been paid to the oil ministry was that sanctions had prevented a planned transfer from taking place. That claim was disputed in court.

Iranian media have put the tycoon’s fortune as high as $13.5 billion, with public opinion split on whether he was indeed helping the government or enriching himself at the country’s expense.

Zanjani was among Iranian individuals blacklisted under US and European sanctions.

 

 

RipplesNigeria …without borders, without fears

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now