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Iran Uncovers Biggest Financial Scam Ever

19 arrested for alleged role in $2.6B bank fraud
By Mark Russell,  Newser Staff
Posted Sep 19, 2011 9:22 AM CDT
Iran Uncovers Biggest Financial Scam Ever
A picture taken on April 11, 2011 shows Iran's biggest dimonimation currencies, 100000 Rials (8.9 US dollars) and 50000 Rials (4.45 US dollars) in Tehran.   (Getty Images)

(Newser) – Iran has arrested 19 people suspected of being involved in a $2.6 billion bank fraud scheme that is considered the largest in the country's history, reports the AP. Prosecutors say that more arrests are coming. The fraudsters allegedly used forged documents to get credit at a leading financial institution, which was then used to buy state-owned companies and other assets. Iran's parliament summoned the finance minister and governor of the central bank today to talk about the scam. (Read more Iran stories.)

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