Iran Hangs 'Sultans Of Coins,' Second Currency Trader

17 November, 2018, 07:14 | Author: Sheila Harris
  • 'Sultan of Coins' Executed for Hoarding Tons of Gold

"With these abhorrent executions the Iranian authorities have flagrantly violated worldwide law and once again displayed their shameless disregard for the right to life".

Vahid Mazloumin and Mohammad Esmail Ghasemi had been accused of manipulating Iran's gold and currency markets and were sentenced to death in September on the charge of "spreading corruption on earth".

Mazloomin had been dubbed the "Sultan of Coins" for allegedly exploiting a surge in gold demand from savers spooked by this year's currency crisis in Iran.

Media reports say Mazlumin had been caught with two tonnes of gold coins.

Iranians have stocked up on gold coins and other safe-haven investments as the local currency has plummeted in recent months amid renewed USA sanctions following President Donald Trump's withdrawal from the 2015 nuclear deal in May.

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Earlier in 2012, when the worldwide sanctions against Iran intensified and the national currency experienced sharp collapse police closed the capital city's open currency market and arrested up to 100 people, including gold coin dealers. At the end of summer in this middle Eastern country has created a special "anti-corruption" the courts for verdicts on the financial, prestupleniyu Iran for corruption crimes in the sphere of economy was executed two people.

The rush caused the rial to lose around 70 percent of its value against the dollar and the price of gold coins to quadruple at one stage this year.

A third person, Hamid Bagheri-Dermani, was also accused of corruption and sentenced to death in preliminary hearings.

A second phase of sanctions targeting Iran's energy sector officially started on November 5.

They were put to death after the Supreme Court upheld their death sentences and the legal processes were completed, Tasnim reported.

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