Four bank fraudsters sentenced to death in Iran

Four people have been sentenced to death for the biggest financial fraud in the history of Iran, RIA Novosti cites Iranian Prosecutor General Gholam Hussein Mohseni-Ejei as saying.

39 people were arrested for bank frauds in Iran in October 2011. A total of 70 were under detention. Investigators say that they were receiving credits from Bank Saderat to purchase assets, including those of state companies, including Khuzestan Steel Co.

About $2.3 billion were stolen. Some banks, including the National Bank of Iran, lost their presidents.

Two people have been sentenced for life. Other have been sentenced to up to 25 years of prison.

Iranian media said that the fraud scheme was launched back in 2007. First suspicions started in early August 2011. Investigators say that bank staff was helping the fraudsters.