Bank Resalat

Bank Resalat Embezzlement Case

The origins of Resalat Bank are linked to a 6 trillion toman ($600 million) embezzlement scandal.

2021

Resalat Bank remains active, managing a healthy portfolio of assets totaling 24,643,746 million rials (nearly $100 million). It continues to receive lucrative contracts involving bonyads and IRGC-affiliated entities.

2019

Aside from the Tasnim News report that names Hosseinzadeh and Vaziri, all other stories on this embezzlement case refrain from naming any co-conspirators.

2019

Emaratsaz, the Tejarat bank employee, takes the fall. He is eventually sentenced to 25 years in prison.

2018

Tejarat Bank reportedly also sued Mahan Air, Samen Credit Institute, and Basijian Qardh al-Hasan fund for involvement in the scheme. Mahan Air was the recipient of some of the cashier’s checks detailed above.

2018

The indictment names Ezatollah Vaziri, then Resalat Bank CEO, and Mohammad Hossein Hosseinzadeh, then Resalat Bank VP, as co-conspirators in the case, Tasnim News reported at the time.

2018

Iran tried former Bank Tejarat of Kerman branch manager Ali Akbar Emaratsaz in connection with a 6 trillion toman embezzlement case and money laundering.

October 18, 2016

Resalat Salehin Fund of Tehran dissolved. Board members comprised a number of IRGC/Quds Force officials as well as MMC/Mahan Air executives.

June 11, 2015

Resalat Salehin Fund of Mazandaran dissolved. Ezatolla Vaziri, tried for financial corruption, was among its board members.

2014–15

Bank Tejarat of Kerman branch manager Ali Akbar Emaratsaz illicitly issues a total of 691 cashier’s checks to the Resalat Salehin Kerman fund, then “erases three zeros” from Tejarat’s records to decrease the total borrowed amount. Court documents later set the total damage at 6 trillion toman ($600 million).

2014–15

Resalat Bank experiences cash flow problems.

2014–15

Resalat Bank acquired some of its startup funds from money embezzled from another bank, Tejarat. The main actors in the scandal were Kerman-based individuals and Quds Force–owned companies, according to court documents from 2018.

May 31, 2015

Resalat Salehin Fund of Kerman is dissolved. Ezatolla Vaziri, later tried for financial corruption, was among its board members.

February 15, 2012

Resalat Bank is created, consolidating three existing Qardh-al-Hassan funds: Resalat Salehin Tehran, Resalat Salehin Kerman and Resalat Salehin Mazandaran

tehran bureau