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This businessman amassed Rs 116195 crore wealth by selling oil, became wealthiest man of Iran, his one mistake made him get death sentence, he is...
The story dates back to 2013 when he was the richest businessman in his country. He was arrested on charges of money laundering and corruption.
Updated : Jun 26, 2025, 12:41 PM IST
 "babak zanjani")
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The ongoing conflict between Iran and Israel has taken a more dangerous turn with the direct involvement of Donald Trump as US forces opened fire on Iran’s nuclear facilities, prompting Iran to escalate its bombing campaign on Israeli cities in retaliation. The war is consuming enormous financial resources, significantly impacting the economies of both nations. Businesses are suffering and losses worth millions are being reported daily.
In this article, we will focus on Iran’s strict legal system and its infamous oil tycoon case involving Babak Morteza Zanjani.
The story dates back to 2013 when Babak Morteza Zanjani, once Iran’s richest businessman, was arrested on charges of money laundering and corruption. Zanjani, who had amassed a fortune of nearly $13.5 billion (around RS 1,16,194.5 crore), built a massive empire in a short span and became one of the wealthiest individuals in the country by his early 40s.
Corruption Punished by Death
Zanjani was arrested during the presidency of Mahmoud Ahmadinejad. He was accused of illegally transferring billions of dollars into his personal accounts in exchange for selling Iranian oil abroad. During this time, Western sanctions had crippled Iran’s banking system, preventing foreign currency transactions. Zanjani allegedly exploited this loophole to channel money illegally into his own accounts.
Once President Hassan Rouhani assumed office in 2013, Zanjani was detained. He was accused of embezzling $2.8 billion (Rs 24,109.6 crore) from oil revenues that were meant to be returned to the Iranian government.
A Long Trial and a Death Sentence
After a three-year-long legal battle, a lower court found him guilty of corruption and money laundering and sentenced him to death in March 2016. The case reached the Supreme Court, which upheld the decision. However, his death sentence was later commuted to 20 years in prison, a term he is still serving.
