Iran’s secret oil money network scandal widens as billions go missing, 15 Interpol notices sought
Iran’s shadowy oil revenue network has come under the radar after officials revealed that intermediaries handling state funds had misappropriated billions, with some fleeing the country, Iran International reported.The controversy has brought renewed attention to the system of “trusties” — private companies and middlemen tasked with moving oil revenues outside the formal banking system to bypass international sanctions.Zabihollah Khodaeian, head of Iran’s State Inspection Organization, said on state television that one intermediary alone had failed to return $200 million before absconding. He also confirmed that 59 criminal cases had been filed against managers of these trustee companies, with some suspects already in custody and others on the run.Prosecutors have also requested Interpol Red Notices for 15 individuals linked to the network, Iranian media reported.The disclosures drew sharp criticism from Majid Reza Hariri, head of the Iran-China Chamber of Commerce, who publicly questioned how such large sums could disappear without accountability.”Who introduced these trusties? Who guaranteed them? And why is no action being taken against those who backed them?” he asked. The trustee arrangement emerged as a workaround after sanctions cut Iranian banks off from the global financial system. Tehran turned to trusted intermediaries with access to foreign accounts to collect and transfer oil revenues, often through countries such as the UAE, Turkey and Oman.While the system kept oil exports flowing, it also created a largely unregulated financial network with little transparency or oversight.Officials have offered conflicting accounts of responsibility. Oil minister Mohsen Paknejad has said the ministry’s role ends with marketing crude, while the Central Bank oversees revenue deposits and transfers.The incident has raised uncomfortable questions about a system built on trust rather than formal safeguards. A system which has now cost the state billions.
