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Iran Probes Massive Bank Fraud Network

Iranian authorities say they have detained a number of suspects in an alleged financial corruption scam, which authorities estimated at $2.6 billion.

The fraud was reportedly orchestrated by a man who developed a network and used forged letters of credit to purchase assets, including one of Iran's largest steel production companies, Khuzestan Steel Company.

The suspect was identified by the hard-line "Kayhan" newspaper as billionaire mogul Amir-Mansour Aria.

Intelligence Minister Heidar Moslehi said the alleged network included help from bank employees.

Reports say at least seven banks were hit by the fraud.

compiled from agency reports