Life in Iran TodayAccused Looters of Corrupt Iranian Financial Institution out on...

Accused Looters of Corrupt Iranian Financial Institution out on Bail

-

Iran Focus

London, 15 Dec – All of the people accused of “looting” a credit and financial institution in Iran have been freed on bail, according to an official at Tehran’s Penal Court.

The looted institution, Samen al-Hojaj, went bankrupt and was taken over by the private Parsian Bank.

There are almost 50 complainants in Tehran who have registered that they have not been able to get their money back from Samen al-Hojaj, which was launched in 2001.

Parsian Bank had announced a timetable to repay Samen al-Hojaj depositors but this has only just been rolled out.

There are many financial and credit institutions that have recently gone bankrupt and forced depositors to hold protests to demand their money back, stating that they are victims of fraud.

Improper banking practices

Over the past 10 years, many credit associations have been set up in Iran promising high-interest rates and therefore attracting a lot of deposits. Some of these institutions operate without the correct licenses and a shocking lack of regulatory oversight.

Many will file for bankruptcy after reckless investments or approve too many high-value loans that are not repaid, raising suspicion over their practices and who really owns them.

The Iranian people, who invested their money in the financial institutions often lose a large amount of their savings- sometimes everything.

Ahmad Tavakkoli, a former member of the Iranian Regime’s Parliament, said that most of the former customers of Samen al-Hojaj bank- who had taken out large loans that they never intended to pay back- were veteran judges and the children of prominent figures in the Iranian Regime.

On November 28, he even threatened to publicly disclose the names of those people unless they paid their debts, citing corruption.

He said: “The managing director of Samen al-Hojaj has a lot of influence. He’s so powerful that he even managed to get an arrest warrant for the Central Bank of Iran’s former governor, Mahmoud Bahmani (2008-2013). Corrupt individuals attract and multiply people of their calibre.”

Some close to the Supreme Leader Ali Khamenei have even accused Hassan Rouhani’s presidential campaign of borrowing money from Samen al-Hojaj.

Ongoing trial

The Tasnim News Agency, which is run by the Islamic Revolution Guardian Corps (IRGC), reported that a trial date had not yet been set and they are still investigating but if Tavakkoli’s comments are true, then there will likely be a lot of secrecy surrounding the trial and it will likely go on for a long time.

Latest news

Iran: Countdown and Alarm of Youth and Hunger People’s Riots

“What the Ministry of Energy (i.e., Iran’s regime) has done to the people of my region, Genghis Khan did...

Poverty Level in Iran Is So Severe, It Has Encompassed the Middle Class

With the state of the economy in Iran, it is no wonder that more and more people have fallen...

500,000 Unemployed Engineers, While China Builds Housing in Iran

Since mid-2019 and especially since spring 2020, along with the increase in housing prices and building materials, Iran is...

Protests Held in Ahvaz and Isfahan by Frustrated Retirees and Pensioners

As the social and economic crises continue to ravage Iran, in the cities of Ahvaz and Isfahan groups of...

Children Fall Victim to Iran’s Middle Age Law

In the first half of this year, 791 babies were born in Iran to mothers who are themselves children...

Iran’s Government Unable To Compensate Investment Backwardness Even in Two Decades

What has been reported by the Iranian government’s statistical institutions speaks about the government’s failure to attract foreign countries...

Must read

Iranian president: ‘US governs by coercion, force’

Reuters: Iranian President Mahmoud Ahmadinejad, in a letter to...

UK navy warship to head for Gulf

BBC: A Royal Navy aircraft carrier is to head...

You might also likeRELATED
Recommended to you