A 3-billion-dollar banking fraud by private entities, the biggest of its kind in Iran's history, continues to make headlines. So much so that it has forced the ministers of intelligence and economy, as well as the heads of Judiciary, Central Bank and State Audit Organization to meet with lawmakers behind closed doors to discuss the matter.
After the closed-door session of the parliament, a number of MPs told Press TV that the massive fraud is an embarrassment for the country. They also complained that there are certain loopholes in the banking system, which make it easy to get billion-dollar loans.
Lawmakers also linked the fraud to the absence of supervisory committees whose primary function is to oversee the financial activities of domestic banks.
The 3-billion-dollar embezzlement came to the surface after the government and the economy ministry tipped the intelligence authorities about suspicious loan applications in the banking system.
The main culprits behind the massive scam are in police custody and further investigations are still ongoing.