Iran Executes Businessman Dubbed "Sultan Of Bitumen" Convicted Of Fraud

Tehran: Iran today executed a trader known as the “Sultan of Bitumen” over charges of fraud and large-scale smuggling of the oil product, the judiciary’s news agency Mizan online reported.

Hamidreza Bagheri Dermani is the third businessman to be executed since an anti-corruption drive was launched over the summer.

He was convicted of “corruption on earth”, Iran’s most serious capital offence, after swindling over 10 trillion rials (around $100 million at the current rate) through “fraud, forgery and bribery”, Mizan reported.

Dermani, first arrested in August 2014, reportedly forged dozens of documents of fake real estate to acquire loans from state banks.

He then used front companies to procure more than 300,000 tonnes of bitumen — an oil-based substance used in asphalt and other products and one of Iran’s most profitable businesses — Mizan said.

Dermani was also accused of ties to business magnate Babak Morteza Zanjani, who is awaiting execution after being convicted in 2016 of embezzling $2.7 billion while helping the government circumvent international sanctions.

News of Dermani’s execution was presented in dramatic fashion on state television on Saturday, with an action-movie soundtrack and full documentary about his crimes.

The authorities have been keen to show they are cracking down on “economic disruptors” accused of exploiting shortages and fluctuations in gold and currency prices.

Iran has seen a sharp economic downturn this year, fuelled in part by US President Donald Trump’s decision in May to withdraw from a landmark 2015 nuclear deal and reimpose crippling unilateral sanctions.