This Article is About
gross negligence
political parties
Iran Bank Fraud Case Continues To Widen
Join 1000's of Authors at StreetArticles Today!

Iran Bank Fraud Case Continues To Widen

The largest Iran bank fraud case in the country's history continues to unfold and cast a wider net than previously known. To date, more than $2.6 Billion USD has been stolen by a criminal network operating both inside and outside of Iran. Over 60 people have been brought in for questioning with 31 being detained currently.

9 more people were arrested this week as more details emerge about the case. The prosecutor,Gholam Hossein Mohseni Ejehei, opened the case this past September. Those accused allegedly opened credit accounts at the country's largest financier using fraudulent and forged documents.

Political Motives

While this case unfolds, those opposed to President Ahmadinejad have attempted to use the details to attack his campaign due to his potential ties to the case. They claim that no only was he possibly involved indirectly, but the lack of oversight and prosecution of these high-level criminals could have been prevented if the President had been more zealous in cracking down on this type of economic fraud.

Iran's Minister of Finance,Shamseddin Hosseini, has also been called in for questioning. He may very well lose his job if he cannot answer pointed questions as to what he knew and when, establishing gross negligence on his part.

A number of defendants have begun to crack and are spilling the goods on who all was involved in this overarching scheme to defraud the banks and investors. As more names emerge, more arrests and detainings are sure to follow. However, prosecutors are feeling the heat from interested political parties on all sides looking to either admonish or praiseAhmadinejad's leadership.

Amir-Mansour Khosravi, aka Aria, has been labeled as the criminal mastermind behind this scam. The fraud allegedly began in 2007 when forged documents and illegal transactions began entering the bank's network. Since this was not discovered until 2011, the perpetrators managed to amass a fair bit of success, with billions of dollars flowing into greedy hands.

Worldwide Problem

This unchecked greed follows an ever-growing trend with names like Raj Rajaratnam, Bernie Madoff, and Kweku Adoboli leading the headlines. However, these high profile cases are just the tip of the iceberg. The number of cases involving bank fraud worldwide every year is staggering. For instance, in the US, the FBI estimates over $10 billion worth of losses in mortgage fraud alone.

Iran's credit fraud scam case is just one example of a growing problem worldwide. Luckily, the trend of punishment for these white collar crimes is beginning to turn in the right direction. For a long time, sentences handed out for "paper crimes" have been treated with mostly a slap on the wrist. However, in the case of Raj Rajaratnam, the sentences are beginning to line up with the reality of the damages these types of criminals actually cause.

With every fraud case, there are lessons to be learned. Banks need to implement stronger controls and audit procedures, governments need to better monitor banking activity if they back up the bank loans, and those involved in the processing of these fraudulent loans need to know more about identity theft to prevent forged documents from getting past the initial submission. Time will tell how Iran's case plays out, but the larger, more troubling issues grow increasingly important.


Street Talk

No comments present
You May Also Like
Did Michael Jackson Cause His Own Death?
That there were dangerous drugs in Michael Jackson’s body when he died is not up for debate. Nor is the fact that his personal physician, Dr. Conrad Murray was in the house, but not in the room. But, what is at the center of the trial surrounding the pop star’s…
By: Abigail Levine in  News and Society   Sep 28, 2011  
0
  Likes: 0

Waiting tables 101
Tips and techniques to making real money waiting tables
By: AC Whiat in  Business  >  Restaurant Industry   Dec 31, 2010  
0
  Likes: 8

A Crime Scene Cleanup
But when it comes to crime scene cleanup in Fort Worth, some families choose not to have it professionally done and just look for someone with a strong stomach to clean the mess. But this can be dangerous. Much like in a hoarding cleanup Dallas, having a crime scene up…
By: joshua12 in  News and Society  >  Crime   May 10, 2016  
0
  Likes: 0

Campsites Cambridge - A State Of Mind, A Choice, A Way Of Living
The best place to spend holidays is at a campsite and if you are in Cambridge then Campsites Cambridge are perfect for you to forget everything and enjoy nature. Campsites Cambridgeshire have everything for you and they are located far away from the crowd and pollution of the city. Most…
By: Rebeka Sparrow in  News and Society  >  Crime   Feb 27, 2016  
0
  Likes: 0

Exotic Animals Killed: Did Ohio Deputies Have A Choice In the Situation?
Columbus Zoo Director Emeritius, Jack Hanna was in Zanesville, Ohio for one of the most heart wrenching days of his life, a day that he told reporters would haunt him for the rest of his life. On this day, in this town, almost fifty exotic animals, including eighteen Bengal tigers…
By: amie nogrady in  News and Society  >  Crime   Oct 20, 2011  
2
  Likes: 2

Community Based Corrections
Reality therapy refers to a psychological Community based correction method to find out what the offender aims for in life. After establishing this, the guidance counsellor focuses on what the subject has been doing in an attempt to get closer to the goals. Thereafter, the psychologist helps the client to…
By: Peter Gichuru in  News and Society  >  Crime   Feb 25, 2013  
0
  Likes: 0

Buy Stun Guns Or Pepper Sprays to Prevent Violent Attacks
I am aware that today many individuals are concerned about their personal safety. Don't fall for those ridiculous reports that serious crimes are declining. I know for a fact that Police Departments manipulate crime statistics to convince the public that their department’s crime-fighting tactics appear to be successful. During the…
By: Jerome Wilkins in  News and Society  >  Crime   Feb 28, 2012  
0
  Likes: 1

Intergovernmental Organizations Issue Warning Against Name Misuse
Several intergovernmental organizations have recently posted warnings regarding the illegal use of their names, logos and addresses by criminals whose goal is to defraud the public, for example through bogus financial transactions, fake lotteries, non-existent employment opportunities and other scams. This type of elaborate fraud is often perpetrated via e-mail,…
By: Independent Researcher in  News and Society  >  Crime   Oct 06, 2011  
0
  Likes: 0

Invitation to A Workshop - Introduction Of the World's First Violence Prevention System
This is an invitation to anyone who is interested in witnessing the introduction of the world’s First Violence Prevention by way of a workshop to be hosted by Black Trans Advocacy at their 3rd Annual Conference. This conference will be held at the Double Tree Hotel in the beautiful city…
By: Daniel Ver1 in  News and Society  >  Crime   Apr 01, 2014  
2
  Likes: 0

Facts About Concealed Carry Handgun
A concealed carry hand gun is the act of carrying a handgun in public though in a concealed manner. In order for one to do this there needs to be an authorization from CCW through a permit. Such a gun can be carried on one’s body or on a close…
By: Robert Hainex in  News and Society  >  Crime   Apr 28, 2014  
0
  Likes: 0

Strauss Kahn Dominique
Recently the former head of the International Monetary Fund, Strauss Kahn Dominique, was arrested for the accusation that he molested a hotel worker, a housekeeper tending to his room. I understand that this is not uncommon. I know that hotel detectives keep their eyes on chambermaids as a precaution against…
By: John T Jones, Ph.D. in  News and Society  >  Crime   May 23, 2011  
0
  Likes: 0

Cops Or Criminals
Before I begin I would just like to note that I am a regular person, (civilian). I am a person with an opinion based on my own experiences or have been witness to incidents that took place. I have witnessed several incidents of police taking courses of action that are…
By: Janele in  News and Society  >  Crime   Sep 21, 2015  
0
  Likes: 0

Red Eye Revisited
This is another adventure with the Red Eye Montana Police Department. Remember that dreadful murder of chloe Davis? There has been another murder. This time it is a homeless man, Abner Wall. This town has around 500 people living here and half of them are only seasonal. It is very…
By: Sharon Vacelli in  News and Society  >  Crime   Dec 27, 2014  
0
  Likes: 0

Dont Protect Yourself - You May Get Sued!
By now you have probably heard about the ridiculous verdict that was delivered when a pharmacist who killed an armed robber, who was shoting at him inside his pharmacy, had to go to trial for murder, and was found guilty of 1st degree murder. That in itself is a major…
By: Elaine Roger in  News and Society  >  Crime   Jun 01, 2011  
0
  Likes: 0

Police Departments: Saving Money With Vinyl Decals
Community leaders everywhere are desperately trying to find ways to cut their spending and meet their budgets.  This goes for the police departments as well.  One thing that the police are considering is changing the way that they mark their police vehicles to save money for the community. In the past, vehicles that have been purchased for use…
By: Terri, RDH in  News and Society  >  Crime   Oct 09, 2011  
0
  Likes: 0

Article Views: 2339    Report this Article