MAHMOUD REZA KHAVARI, THE FORMER HEAD OF IRAN’S LARGEST STATE OWNED BANK HAS BEEN SENTENCED TO LONG PRISON TERM FOR EMBEZZLING $2.6 BILLION.

A court in Iran has sentenced Mahmoud Reza Khavari, the former head of Bank Melli to long prison term, a cash fine will also be paid by him for embezzling $2.6 billion. According to the information our correspondent gathered, Mahmoud Reza Khavari fled to Canada in September 2011 where he obtained Canadian citizenship in 2005 and Canada does not have extradition agreement with Iran. His assets will be sold to pay off part of his fine. Mahmoud Reza Khavari was allegedly involved in the largest scam in the history of Iran which was uncovered by prosecutors in 2011.