Iran's judiciary denies release of convicted tycoon Babak Zanjani

Iran's judiciary has refuted claims suggesting that Babak Zanjani, the convicted business magnate at the heart of a major corruption scandal, has been granted release, saying that his status has not changed.

Recent reports by Iranian media and social media users had fueled speculation that Zanjani, once Iran's richest man, might be involved in launching a cryptocurrency bank, suggesting his return to economic activities.

“In light of the speculation regarding changes in Babak Zanjani's status and reports by some media outlets suggesting his release, the previous statements by the Judiciary Spokesperson on this matter remain accurate, and no changes have occurred in his status,” state-controlled ISNA quoted the office of the Judiciary as saying.

The Judiciary further stated that Zanjani, like other defendants who have shown remorse and have cooperated, is receiving assistance under judicial directives and the supervision of special investigators. The former tycoon has also been granted the opportunity to take compensatory actions in coordination with relevant authorities.

The Judiciary has affirmed that Zanjani's foreign assets have been located and brought back to Tehran. The Central Bank Governor has corroborated this, confirming that the returned assets, in the form of foreign currency, have been entirely deposited into the bank's treasury.

Zanjani gained notoriety during Mahmoud Ahmadinejad's presidency for his role in evading international sanctions against Tehran. As a key intermediary, Zanjani helped the state sell oil and secure foreign currency, amassing considerable wealth and influence in the process, despite the restrictions related to Iran's nuclear activities.

Zanjani later faced accusations of embezzling billions of dollars from Iran's state oil revenues, leading to his arrest in December 2013 and subsequent charges of corruption. His 2016 death sentence, although never carried out, was reported by media outlets across the globe.