South Korea reveals staggering $1 bln transfer fraud in Iranian money

South Korea reveals staggering $1 bln transfer fraud in Iranian money

in.reuters.com

South Korean prosecutors have detained and charged a Korean American with the illegal transfer of a staggering 1.09 trillion won ($1.02 billion) in Iranian money frozen in South Korea under international sanctions, the lawyers said on Friday.

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Wow over a billion $.. This was just breaking..

What was not immediately clear was whether this was an attempt to break sanctions targeting Iran's controversial nuclear programme, or whether this was just a criminal scam, albeit a very large one. A prosecutor with direct knowledge of the case declined to comment on whether the transfers violated the sanctions

in.reuters.com
(visit the link for the full news article)

reply to post by goou111


Those sanctions are unnesesary, stupid and overly harsh anyway, which i am sure many people outside the U.S Govt will agree with. This Korean guy probably though so too, so he just returned Irans money to them, ignoring the sanctions.

It takes some balls to do this of course, but since it was Irans money anyway(which was frozen) i would not consider this a crime personally.

I suspect with the influx of new stupid regulations all the time, which most people seem to disagree with, we will see more and more "crime" manifest itself over the coming years.

People will not obey stupid laws that they do not agree with.

reply to post by goou111

IBK had received a payment order from the Iranian central bank, the bank and prosecutors said. It believed the order to be authentic because Chung had attached authorisation from the Bank of Korea and a government agency that tracks exports of goods to countries under international sanctions, the prosecution said.

Gutsy and bold, imo. 73 years old too. This will occupy people for a while, trying to figure out who all were involved.

Does anybody have a clue where South Korea obtains its' oil products?
Could it possibly be Iran?
Sounds to me like this could be part of the "currency war" intended to eliminate the petrodollar and remake the world's reserve currency.
Just a thought.

ganjoa