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
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
