Iran Hangs Figure in Massive Bank Fraud He was convicted in $2.6B embezzlement scheme By John Johnson, Newser Staff Posted May 24, 2014 12:31 PM CDT 43 comments Comments Mahafarid Amir-Khosravi speaks at his trial in Tehran, Iran, in 2012. (AP Photo/ISNA, Hamid Foroutan) (Newser) – Iran has its own way of dealing with bank fraud: hanging. State media announced today that a businessman convicted in the nation's biggest embezzlement case was executed today in prison, reports the BBC. Mahafarid Amir-Khosravi was one of four sentenced to death in the case, in which he and the others were accused of stealing $2.6 billion, reports the Washington Post. Prosecutors say they obtained credit via forged documents to buy state-owned properties under a privatization push by former leader Mahmoud Ahmadinejad. A former executive at the nation's largest bank, Melli Bank, remains on the run, but no government officials were convicted.