Bank Saderat Iran: Financial Embezzlement under Sharia Law

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CASE STUDY. In September 2011, news of Bank Saderat Iran’s involvement in an embezzlement operation became public.

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Bank Saderat Iran: Financial Embezzlement under Sharia Law: Abstract

Bank Saderat Iran: Financial Embezzlement under Sharia Law is a case study by Chijioke Oji and Viola Makin.

In September 2011, news of Bank Saderat Iran’s involvement in an embezzlement operation became public. Amir Mansoor Khosravi, an Iranian businessman, had used fraudulent documents from Bank Saderat to obtain bank loans that amounted to US$2.6 billion. At the time, the fraud was the biggest in the history of Iranian banking and those implicated faced harsh penalties, including death sentences. As Iran’s public prosecutor investigated the case, senior officials at Bank Saderat denied having any knowledge of the fraudulent operation.

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The purpose of this case is to generate discussion and learning on ethics and corporate governance.

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