Iranian Billionaire, Babak Zanjani Sentenced to Death

Iranian BillionaireIranian billionaire Babak Zanjani

Iranian Billionaire, Babak Zanjani Sentenced to Death

Iranian Billionaire, Babak Zanjani, has been sentenced to death in an oil related fraud after a court found him guilty in a case involving an oil fund, Iranian Students’ News Agency reported on Sunday.

“The court found enough evidence to convict Zanjani and two other people, Gholam Hossein Mohseni-Ejei”, a spokesman for Iran’s judiciary, said.

Zanjani, who worked as an informal dealer at the oil ministry, was accused of embezzling $2.7 billion and transferred the money out of Iran through Tajikistan branch of his own bank, First Islamic Investment Bank, according to oil Minister Bijan Zanganeh.

Previously, Zanjani had been blacklisted by the U.S. and the European Union for helping Iran evade sanctions, according to the BBC.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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