BREAKING NEWS

Iran arrests 19 people over major bank scam

By REUTERS

SEPTEMBER 19, 2011 18:26

TEHRAN - Iran has arrested 19 people over what major newspapers described as the biggest financial scam in the Islamic state's history - a $2.6 billion bank fraud with possible political ramifications, local media reported on Monday.

Prosecutor General Gholamhossein Mohseni-Ejei confirmed to local reporters the arrests had been made in a case that conservative lawmaker Ahmad Tavakkoli said had revealed "terrifying corruption inside the country's banking system."

Some politicians have linked the scam to close allies of President Mahmoud Ahmadinejad ahead of parliamentary elections scheduled for early next year.

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