Reported by Iran International

Unofficial reports surrounding the activities of Babak Zanjani, once Iran’s richest man and a figure synonymous with corruption and sanctions evasion, have reignited public and media interest.

Recent reports in Iranian media suggest that Zanjani, despite being officially incarcerated, may be laying the groundwork for ambitious economic projects, including ventures in cryptocurrency, aviation, and oil transport.

The conservative Khorasan daily recently questioned reports about Zanjani’s involvement in launching a cryptocurrency bank named Bit Bank. Social media users have said that a sign bearing the bank’s name has been spotted on a building in Tehran.

A Legacy of Controversy

Zanjani’s rise and fall remain one of the most contentious episodes in Iran’s recent economic history. Once valued at $13.5 billion, Zanjani was seen as a key player in circumventing sanctions under President Mahmoud Ahmadinejad. His networks laundered billions through complex schemes spanning Turkey, Indonesia, and Central Asia. Arrested in Iran in 2013, Zanjani was convicted of embezzling $1.9 billion in oil revenues, earning him a death sentence later commuted to 20 years in prison. The government charged that he pocketed money from oil exports insted of returning it to the treasury.

Read full report: https://www.iranintl.com/en/202501251911