Iran hangs convicted businessman who embezzled billions

By Kyle Johnson,

A Iranian businessman was hanged on Saturday after being convicted of embezzling billions of dollars, state media is reporting.

Mahafarid Amir-Khosravi was found guilty of a bank fraud scheme where he was able to embezzle about $2.6 billion through an investment firm, reports BBC News. The scheme was first discovered in 2011.

An investment firm was accused nearly three years ago of defrauding several Iranian banks for four years by crafting fake documents in order to obtain credit. The ill-gotten money was then used to purchase state-owned companies.

Over 35 companies were purchased in the fraud scheme, including a football club, mineral production company and meat importer.

Amir-Khosravi was executed at Tehran's Evin prison after the country's Supreme Court backed the death sentence, which in Iran is most often by hanging, according to The Associated Press.

The death sentence was carried out before Gholam Ali Rihai, Amir-Khosravi's lawyer, was even told. "I had not been informed about the execution of my client." He added, "All of the assets of my client are at the disposal of the prosecutor's office."

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