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Bank Saderat Iran was founded on September 7, 1952, by the Bolurfrushan family, Mohammad Ali Mofrah, and several of his associates. The bank was initially established with a capital of 20 million Iranian rials in credit and 3,500 Iranian rials in loans.
According to Iranian government newspapers and TV channels, the fraud was planned within seven state-owned and private banks, including Saderat Bank of Iran, and is the largest corruption scandal in Iranian history. [citation needed] The fraud was first identified at Bank Melli, Iran's largest commercial bank. [1]
As of March 2010, Bank Saderat Iran, Bank Mellat, Tejarat Bank, and Refah Kargaran Bank have been classified as private banks. As of September 2014, Assets: The banks and financial institutions, total claims on the public sector (government and governmental institutions) amounted to 929 trillion IRR ($34.8 billion), and total claims on the non ...
In 2011, an investigation into fraudulent loans at Bank Saderat, one of Iran's top banks, was launched. It was determined that Khosravi was the mastermind of a scheme that generated US$2.6 billion of loans with forged documents, dating back to 2007. [7]
Saderat Bank Iran* Banking and financial services: 23,502.579: 29,871.66: ... Iran Khodro has been named the top Iranian company. Based on financial 2007 statements, ...
In November 1995, following the embezzlement of 123 billion tomans ($820 million) of Bank Saderat Iran Valiollah Seif who was chairman of the bank at the time was criticized. [5] On 2017, Seif's reputation was hit hard when one of the five official Central Bank-approved credit institutions was unable to pay back the deposits of the customers.
In September 2006, the United States government imposed sanctions on Bank Saderat Iran, barring it from dealing with U.S. financial institutions, even indirectly. The move was announced by Stuart Levey, the undersecretary for treasury, who accused the major state-owned bank in Iran of transferring funds for certain groups, including Hezbollah ...
The following is a list of banks in the Arab World.The modern system of Arab banks was created in Egypt in the late 19th century, with the campaign of modernizing the country.