Iran General NewsIran arrests 'hundreds' in suspected scam: reports

Iran arrests ‘hundreds’ in suspected scam: reports

-

AFP: Iranian police have arrested hundreds of people allegedly involved in running a pyramid scheme in an operation in the west of the capital, media reports said on Sunday.

TEHRAN, January 30, 2011 (AFP) – Iranian police have arrested hundreds of people allegedly involved in running a pyramid scheme in an operation in the west of the capital, media reports said on Sunday.

“Today in a simultaneous operation more than 50 offices of a pyramid scheme company have been sealed and so far 425 people have been arrested,” the state broadcaster’s website quoted police Colonel Mohammadi as saying, giving only his last name.

Last year, the intelligence ministry listed a number of pyramid scheme firms it said were operating in Iran and that were on a ministry target list.

Pyramid schemes, in which people invest increasing amounts of money in a fictitious investment mechanism that leaves them empty-handed once it eventually falls apart, are illegal in the Islamic republic.

Mehr news agency reported that 1,000 people were arrested in Sunday’s police operation.

Latest news

Iran’s 2023 Budget Shrouded In Doubt

On January 22, the Majlis (parliament) approved the draft of the 2023 budget bill proposed by regime president Ebrahim...

Iran: People of Khoy Still Reeling From 5.9-Magnitude Earthquake

An earthquake with a magnitude of 5.9 struck northwest Iran on Saturday, killing at least three people and injuring...

Iran’s Unsolvable Air Pollution Problem

Air pollution will remain at dangerous levels and will increase for the next few days in most big cities,...

The World Must Acknowledge the Iranian People’s Right to Self-defense

Victor Hugo once said: “When dictatorship is a fact, revolution becomes a right.” Throughout history, this has been the...

Iran: 60% Of Population Is Poor

The livelihood baskets of the Iranian people are shrinking dramatically. This, in turn, has introduced new concerns to protect...

The implications of EU’s terrorist designation of the Revolutionary Guards (IRGC)

The European Parliament called on January 18 for the European Union to list Iran's Revolutionary Guards (IRGC) as a...

Must read

8 students handed jail terms for insulting Iranian president: union

AFP: Eight students have been handed suspended prison terms...

EU orders study of possible new Iran sanctions

Reuters: The European Union instructed experts on Monday to...

You might also likeRELATED
Recommended to you