Mazloumin and his assistant executed on Wednesday over alleged hoarding of gold

In a warning to merchants, Iran authorities sentenced two people to death by hanging for illegal gold trading, including the famous “Sultan of Coins”. An Iranian court executed Ahid Mazloumin and his assistant Mohammad Esmail Qassemi early Wednesday morning. Mazloumin’s gold and currency trading were said to plunge the Iranian currency market into turmoil. The Rial plummeted about 70% against the U.S. dollar. Authorities state that Mazloumin’s network was vast and influential. Consequently, he was classified as one of the most unlawful players in the coin and foreign-exchange market. Mazloumin was sentenced to death on September 8th for official charges of disturbing the Iranian economy. His defense stated that the Iranian Central Bank had no limits on how many coins a person could hold. This defense did not hold up in court.

What’s Happening?

Specifically, authorities have stated that they will take drastic measures against anyone who disrupts the economy. Additionally, in response to economic hardships, Iran has implemented a zero-tolerance policy against alleged financial crimes. As a result, people have been sentenced to death since the crackdown began. Hence, authorities state that they will survive this economic storm from the U.S. withdrawing from Iran’s energy, banking, automotive, and gold sectors.

Other Opinions

Many countries, as well as human rights groups, have stated that they are concerned about the rising number of executions in Iran. Amnesty International has said that International laws speak out against the death penalty for any non-lethal crimes, including financial ones. Gold demand has increased in Iran as the currency has declined in value.

What’s to Come…

With protesters taking to the streets over economic hard times and widespread corruption, the Iranian government has also vowed to help the poor with assistance such as food packages. These packages have included meat, cooking oil, and dairy. They will reach 2.7 million Iranians. While President Hassan Rouhani’s government is assisting the needy, Supreme Leader Ayatollah Ali Khamenei states “that Iran can fix its economic problems by properly allocating its domestic resources”. Iranian Rial has plunged to about 135,000 to the dollar from last year’s rate of 40,500. Hence, authorities blame the “sultan” for hoarding gold, manipulating the coin, and through illegal and unauthorized deals. Therefore, the Iranian Government has implemented this zero-tolerance policy after declaring the economy a “war situation”.


Bullion Exchanges is one of the largest and most reliable precious metals retailers in New York City’s Diamond District. We ensure a pleasant and secure retail and online shopping experience. You can purchase this exquisite new coin available to you today online at BullionExchanges.com. We offer free US shipping on all orders over $75 USD. Alternately, complete your purchase of this exquisite coin at our retail store in the heart of Manhattan, at 30 West 47th Street, open Monday-Friday from 9am-5pm EST.


X
Saved Articles
X
TextTExtLInkTextTExtLInk

The Life and Career of Charlie Munger

Charlie is more than just Warren Buffett’s friend and Berkshire Hathaway’s Vice Chairman – Buffett has actually credited him with redefining how he looks at investing. Now you can learn from Charlie firsthand via this incredible ebook and over a dozen other famous investor studies by signing up below:

  • Learn from the best and forever change your investing perspective
  • One incredible tidbit of knowledge after another in the page-turning masterpiece of a book
  • Discover the secrets to Charlie’s success and how to apply it to your investing
Never Miss A Story!
Subscribe to ValueWalk Newsletter. We respect your privacy.

Are you an intelligent investor?

ValueWalkPremium is a website and newsletter for smart investors like yourself. We focus on the latest hedge fund industry news much of which is not in the public domain and obtained via our sources.

We also have 10 years of resources on how to use this information to better your investment process.

Sign up for  today for only a few dollars a day and get a 3 day no obligation trial with a targeted 20% discount coupon code.

Cancel anytime during trial and you are never charged.

Limited time offer: For first 50 subscribers

0