Iranian-Canadian Mahmoud Reza Khavari, managing director of Bank Melli, Iran’s largest state-owned bank, flew to Canada after the arrest of several top-level bankers in connection with a case described as the largest embezzlement in Iranian history, the semiofficial Mehr News Agency reported Wednesday. It is reported he is in the Toronto area – where a $3-million home is owned in his name. His resignation follows an embezzlement scandal involving more than $2.6 billion.
Khavari is among 22 people being sought by Iran’s chief prosecutor in the case, and his bank stands accused of facilitating some of the fraudulent payments.
Mr. Khavari is the registered owner of real estate on 222 Elmwood Avenue obtained for $ 625,000 in 2001 and of property located at 22 Suncrest Drive in the Bridle Path neighbourhood which was obtained for $2.925 million in 2007.
Top Iranian banker flees amid embezzlement scandal http://www.washingtonpost.com/world/middle-east/top-iranian-banker-flees-amid-embezzlement-scandal/2011/09/28/gIQAhhK14K_story.html
Iran arrests 35 suspects over bank scam
Future Bank http://www.futurebank.com.bh/brdOfDirectors.asp
Mahmoud Reza Khavari’s House in Toronto http://www.youtube.com/watch?v=W81D_81fBuU&NR=1