Haul of Smartphones Confiscated From Market Manipulators

Following the hike in the dollar exchange rate in Iran which has perturbed the public and driven commodity prices to unprecedented highs, some mobile importers have turned to profiteering to make big bucks out of the public distress. Tehran’s prosecutor has ordered the confiscation of 100,000 smartphones from the culprits in an attempt to help regulate the disturbed market.
After the government of President Hassan Rouhani decided to allocate subsidized currency to certain businesses to mitigate the impact of a sharp fall in the value of the rial, 40 importers capitalized on the hard currency to bring in handsets which they later sold at exorbitant prices, reported CITNA.
During recent weeks, prices of mobile phones have skyrocketed, with customers visiting technology shopping centers facing empty racks. Furthermore, online retail behemoths like Digikala have reported that a large number of models are unavailable on the market altogether.
Tehran Prosecutor Abbas Jafari Dolatabadi says they are investigating a case of profiteering by 40 cellphone importers and have confiscated 100,000 devices.