Iran's shadow oil billions vanish as trusties flee, Interpol red notices issued

Iran's clandestine system for managing oil revenues, designed to circumvent international sanctions, is facing a major scandal as billions of dollars have allegedly vanished. Intermediaries, referred to as 'trusties,' who handled these state funds outside the formal banking system, are accused of misappropriating vast sums, with some reportedly fleeing the country.

Zabihollah Khodaeian, head of Iran's State Inspection Organization, revealed on state television that a single intermediary failed to return $200 million before absconding. He confirmed that 59 criminal cases have been filed against managers of these trustee companies. Prosecutors are seeking Interpol Red Notices for 15 individuals linked to this network, indicating the scale of the alleged financial misconduct.

The controversy has sparked public criticism, with Majid Reza Hariri, head of the Iran-China Chamber of Commerce, questioning the accountability of those who introduced and guaranteed these intermediaries. "Who introduced these trusties? Who guaranteed them? And why is no action being taken against those who backed them?" he demanded.

This trustee arrangement became a critical workaround after sanctions isolated Iranian banks from the global financial system. Tehran relied on these intermediaries, who had access to foreign accounts, to collect and transfer oil revenues, often through countries like the UAE, Turkey, and Oman. However, this system operated with minimal transparency and oversight, creating an unregulated financial network that has now cost the state billions.

“

Who introduced these trusties? Who guaranteed them? And why is no action being taken against those who backed them?