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$2.3b Fraud Case
Economy, Business And Markets

$2.3b Fraud Case

Judiciary Chief Ayatollah Sadeq Larijani has criticized the banking system for providing loans without receiving sufficient or valid collaterals, IRNA reported.   The judiciary will soon look into three major financial fraud cases, said Larijani in a meeting of in Khorramabad, Lorestan. “One of the cases deals with the matter that a private bank has given a single individual a substantial loan of 65 trillion rials ($2.3 billion at official exchange rate),” he said. “Apparently,” he added, “portions of the amount have been transferred abroad in form of foreign exchange.” He urged authorities to take necessary precautions to prevent illegal exploitation of national resources. 

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