News ID: 236431
Published: 0312 GMT December 25, 2018

Ministry: 17 detained for foreign exchange fraud

Ministry: 17 detained for foreign exchange fraud

Iran’s security forces arrested 17 people on charges of profiteering from fraudulent currency dealings.

The suspects had obtained hard currency at subsidized rates from the government to import goods but had instead sold the money on the banned unofficial market, IRNA quoted the Intelligence Ministry as saying.

The rial climbed to about 105,000 against the US dollar in mid-December, from about 117,000 a week earlier, and 152,500 at the end of October. The currency had hit record lows around 190,000 in late September, Reuters reported.

Agents also exposed 87 fake companies before they could send 300 million euros ($341 million) they had received from the government abroad.

Iran on Saturday executed a businessman sentenced to death by a fast-track court set up to fight economic crimes, following an outcry against profiteering and corruption that has seen dozens of people jailed.


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