Iranian Businessman Sent to Prison in High Profile Fraud Case

The Iranian judiciary’s Mizan news agency has announced the transfer of entrepreneur Mohammad Rostami Safa to prison to serve a 15-year sentence for fraud. 

Rostami Safa, the owner of the Rostami Safa Industrial Group, was sentenced in August for defrauding three major Iranian banks between 2003 and 2013. 

Rostami Safa obtained large loans in foreign currencies and rials from these banks that he never repaid.

He was charged with "disrupting the monetary and foreign currency exchange system of the country" and "defrauding the banks by presenting false documents."

The businessman was ordered to repay the banks and deprived of any government position.