2.8 billion dollar banking scandal, Iranians not impressed

Friday, September 30th, 2011

As ordinary Iranians battle with rising inflation, they are not impressed that seven of their banks have lost 2.8 billion dollars in the worst banking scam Iran has known. Earlier this month, reports began to circulate that from June 2009 till August 2011, businessman Mah-Afarid Khosravi forged letters of credit from the country’s second largest bank, Bank Sederat, and passed these on to other banks, including the famous Bank Meli. The funds were then used to start about forty different companies. There has been widespread condemnation of the corruption, and the government has said it is determined to deal with the crime robustly. However, some are saying that a scam involving such large amounts of money could not have happened without the involvement of insiders. There are also questions as to why Mr Khosravi was so conveniently allowed to leave the country. The news will underline the impression in many minds that there is an elite in Iran whose financial dealings within the state are not open to enough public scrutiny. The rise and fall of Mr Khosravi and those who helped him provides the church with living example of the man in Jesus’ parable who greedily thought full barns was the only need for a happy life.

Pray for

Justice in this particular case
Wisdom to make Iran’s public finances more accountable
Church to preach Christ and poverty better than riches and hell