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February 19th, 2012 
FAKE NEWS for the Zionist agenda The Islamic Revolution Court began hearing the case in Tehran on Saturday.
Tehran Prosecutor General Abbas Jafari Dolatabadi read out the introduction of the 220-page indictment issued for the defendants at the beginning of the open court session.
“The case is the symbol of a well-organized group which has conducted criminal actions in the guise of an investment company to undermine the economic security of the society,” Dolatabadi stated.
The indictment charged the defendants with involvement in efforts to provide forged documents to get loans from banks to buy state-own companies which were being privatized and to open up letters of credit to transfer large amounts of money abroad.
The most serious charge is “corruption on Earth,” which carries the death penalty according to Iran’s penal code.
According to the indictment, owners of the Aria Investment Development Company, which is at the center of the controversy, bribed managers of banks to get loans and letters of credit. The company has more than 35 affiliates that are active in diverse business activities.
Judge Nasser Seraj must go through 12,000 pages of documents before he can issue a verdict in the high-profile case.
The equivalent of $2.6 billion was withdrawn from the country’s banking system and deposited in a personal account. An individual opened several front companies and used loopholes in the law on domestic letters of credit to pull off the multibillion-dollar heist.
Seven state-owned and private Iranian banks are said to be involved in the fraud case, in which documents were also forged in efforts to secure loans and purchase state-owned companies.
The Judiciary began investigating the case about five months ago.
The former CEO of Iran’s Melli Bank, who is one of the main suspects in the case, fled from Iran after the scam was revealed and now resides in Canada.
AS/HGL
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