Prosecutor General Warns Against Riseing Fraud
Economy, Business And Markets

Prosecutor General Warns Against Riseing Fraud

The soaring financial fraud cases in the banking system is due to the fact that the banking regulations are not upheld when providing loans, said Prosecutor General Ebrahim Raeisi on Sunday night.
Despite the fact that banks are supposed to be custodians of the monetary system they do not properly attend to cases of non-performing loans and fraud, he added.
Providing a list of those having failed to pay debts is insufficient, he said, adding that the central bank should also submit precise information and charts that include the amount and source of payments to the judiciary.
Last year, the Central Bank of Iran submitted a list of 575 major debtors in the banking system to the judicial system.
Judiciary chief Sadeq Larijani had earlier said the judiciary will soon look into a major financial fraud case in which a private bank has given one individual a loan of 65 trillion rials ($2.3 billion at official exchange rate). He did not identify the bank nor the loan recipient.
Hamid Tehranfar, deputy governor of the CBI for supervision affairs, said that this case holds the third spot on the list, Banker website reported.
The amount of NPLS or non performing loans within the banking system stand at 930 trillion rials ($33.6 billion at official exchange rate), though the figure is estimated at 2 quadrillion rials by other officials.
“Sixty percent of the amount is owed by the industrial and agricultural sectors,” Tehranfar said Sunday.

Short URL : http://goo.gl/WSsrxG

You can also read ...

Britain's Quercus to Invest $600m in Iran Solar Project
British renewable energy investor Quercus will invest over €...
Economic MoU With Russian Council
The Industrial Development and Renovation Organization of Iran...
Iran Trade Mission Heads for Croatia
An Iranian delegation comprising 30 members of Iran Chamber of...
Gov’t Sole Guarantor of Foreign Finance Deals
Following misleading reports in the media, the Central Bank of...
Qualcomm is already working on 5G trial networks across the globe.
The first mass-market 5G smartphones will become commercially...
President Assigns Priorities to Ministers
President Hassan Rouhani has assigned missions and priorities...
On-Demand Laundry App Launched
A local startup dubbed ‘Paklean’ has launched a new service...
Solutions for Banking Reforms
The Institute for Trade Studies and Research, affiliated with...