An Iranian billionaire businessman has been hanged at Tehran’s Evin prison on Saturday, after being convicted of masterminding a £1.5 billion bank fraud.
Mahafarid Amir Khosravi was convicted for “corruption…through bribery and money laundering”, along with 38 other people involved in the scam.
The group were found to have bribed banking officials to provide them with loans, which they then used to buy a number of high profile companies including a football club and newly privatised steel producer Khuzestan Steel Co. under the umbrella Amir Mansour Aria Development Co.
The case broke in September 2011 after an investment firm was accused of forging the required documentation to obtain credit from seven Iranian banks, according to the BBC.