Published: Thu, November 15, 2018
Global News | By Blake Casey

Iran Hangs 'Sultans Of Coins,' Second Currency Trader

Iran Hangs 'Sultans Of Coins,' Second Currency Trader

At least seven death sentences have been delivered by the courts since the crackdown, with numerous trials being broadcast live on national TV.

There have been widespread reports this year of dealers and middlemen manipulating the markets by hoarding dollars and coins in order to push up prices.

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

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.

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

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Vahid Mazloomin and accomplice Mohammad Esmail Ghasemi were both executed after being convicted of "corruption on earth" - Iran's most serious capital offence - for "forming and running a network for disrupting the economy", said the judiciary's news agency Mizan online.

The 58-year-old Mazloumin was arrested in July for hoarding 2 tons of gold coins.

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

Iranians have stocked up on gold coins and other safe-haven investments as the local currency has plummeted in recent months amid renewed United States sanctions following President Donald Trump's withdrawal from the 2015 nuclear deal in May. His case was up for appeal before the Supreme Court, but the status of his case was not immediately clear.

Trump reinstated the USA sanctions and since then the Iranian rial has lost around 70 per cent of its value; it is now 135,000 to the dollar compared to last year's rate of around 40,500.

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