Third bank fraud trial session held - Gayo Lues

Eighteen of the 32 defendants were present at the Saturday session of the court which was presided over by Judge Nasser Seraj.

The defendants are charged with misappropriating a total of USD 2.6 billion of bank funds by using forged documents to obtain credit from banks to purchase state-owned companies.

Over 100 people have so far been implicated in the bank fraud case and investigators are still questioning dozens of others allegedly involved in the case.

According to the indictment, the owners of the Aria Investment Development Company, which is at the center of the controversy, have bribed the managers of the banks to get loans and letters of credit. The company has more than 35 affiliates that are active in diverse business activities.

The presiding judge must go through 12,000 pages of documents before he can issue a verdict in the high-profile case.

Seven state-owned and private Iranian banks are said to be involved in the fraud case. The Judiciary began investigating the case some five months ago.

Former CEO of Iran’s Melli Bank Mohammad Reza Khavari, who is one of the main suspects in the case, escaped justice after the scam was revealed and now resides in Canada.

SS/PKH/HGH