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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

(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. (Read more Iran stories.)

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