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Iran executed Mohammad Reza Ghaffari, mastermind of a $350 million Ponzi scam defrauding 28,000 victims in Qazvin.
Iran has executed Mohammad Reza Ghaffari, the mastermind behind a $350 million investment scam that defrauded tens of thousands through a car-buying scheme in Qazvin province.
The Ponzi-style fraud, launched in 2013, promised discounted vehicles and expanded into real estate and investments, but only 4% of clients received cars.
Over 28,000 people filed complaints, and Ghaffari was sentenced to death for “large-scale disruption of the economic system” after failing to repay victims despite multiple court-ordered deadlines.
The judiciary cited severe financial and psychological harm, including stress-related illnesses and family breakdowns.
Iran continues to use the death penalty for major economic crimes, remaining among the world’s top users of capital punishment.
Irán ejecutó a Mohammad Reza Ghaffari, el cerebro de una estafa Ponzi de 350 millones de dólares que defraudó a 28.000 víctimas en Qazvin.