Iran executes 'Sultan of Coins' convicted of hoarding

Remigio Civitarese
Novembre 15, 2018

Iran has executed a currency trader known as the "Sultan of Coins" for his amassing of gold coins.

Iran detained Mazloumin in July for hoarding two tons of gold coins and accused him of "spreading corruption on earth" - a capital offence under Iran's Islamic laws.

In August, the United States re-imposed a first round of sanctions after pulling out of a 2015 deal between world powers and Iran under which worldwide sanctions were lifted in return for curbs on its nuclear programme.

Many Iranians have stocked up on gold coins and foreign currencies to protect themselves from the collapse of the domestic currency, the rial, which has fallen some 70 percent in value in the past year.

His network's transactions were reportedly in the hundreds of millions of dollars.

The Tehran prosecutor on November 14 said Mazloumin's "network was one of the most influential unlawful activists of the foreign-exchange and coin market".

They had been convicted of manipulating coin and hard currency markets through illegal and unauthorised deals as well as smuggling.

Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei earlier permitted Judiciary Chief Ayatollah Sadeq Amoli Larijani to take special measures in order to confront economic corruption and called for "swift and just" legal action against financial crimes.

Mazloomin and Ghasemi were found guilty in September and had their death sentences upheld by Iran's supreme court on October 21.

A second co-defendant, Hamid Bagheri-Dermani, was also accused of corruption and sentenced to death at the original trial.

Iran does not publish official statistics on the number of people it executes.

The courts have handed out at least seven death sentences since they were set up and some of the trials have been broadcast live on television. His case was up for appeal before the Supreme Court, but the status of his case was not immediately clear.

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