Based on documents obtained from the construction project of the Agricultural Industries and Fertilizer Company in Zanjan, there is compelling evidence of the formation of a large-scale currency violation case; a case that encompasses everything from the allocation of currency resources to the diversion of funds and the transfer of risk to the general shareholders.
Details of Financial Misconduct
According to these documents, 350 million euros from the currency reserve fund were allocated to this project in the form of a letter of credit (LC) by the National Bank of Zanjan – Khorramshahr branch. During this process, by introducing a fictitious foreign company with no real activity in Germany (Munich), 150 million euros of this credit were drawn; a company that, according to the documents, had neither verifiable operational history nor the executive capacity commensurate with the volume of the received credit.
Examination of the resource consumption path shows that a significant portion of the currency funds, instead of being spent on purchasing equipment and genuinely advancing the project, was transferred through the company's CEO and a network of project supporters to a collection of intermediaries and currency exchange offices. After being liquidated, these funds systematically entered a cycle through capital market mechanisms, ultimately transferring the risk and losses resulting from the diversion of resources to small investors; a situation that effectively placed the cost of misconduct on the shoulders of the general shareholders.
Management and Political Networks
According to existing documents, the Agricultural Industries and Fertilizer Company in Zanjan began its activities under the guise of constructing a petrochemical unit; a project that involved the confiscation of citizens' lands, selling shares, and attracting public resources. Subsequently, within the framework of a network of managerial and political relations, this project, with the involvement of some economic and executive figures including Dr. Hossein Abdeh Tabrizi (former stock exchange manager), Dr. Asghar Fakhrieh Kashan (former deputy minister of roads), Dr. Mohammad Reza Modiri (CEO), Mohammad Ali Abdiha (CEO of a paper company in Germany), and Abbas Akhoundi (former minister of roads), successfully obtained approval for the allocation of 350 million euros from the currency reserve fund.
The totality of this evidence highlights the urgent need for supervisory and judicial bodies to intervene to clarify the dimensions of this case, determine responsibilities, and protect public interests.