Officials from Iran’s Islamic Revolutionary Guard Corps are suspected of embezzling approximately $21 million in digital assets during a corruption investigation.
Corruption Case Investigation
Local media reported that investigators from the Iranian Revolutionary Guard Corps (IRGC) began investigating CEO of the cryptocurrency exchange Cryptoland, Sina Estavi. The exchange shut down in May 2021 following Estavi's arrest. His arrest led to a wave of complaints filed by customers against him and his platform.
Accusations Against IRGC Officials
According to experts, two IRGC officials, Mehdi Hajipour and Mehdi Badi, were key figures in the operation to sell off stolen BRG tokens. In March 2022, Hajipour was apprehended in a counterintelligence sting operation, attempting to sell stolen assets back to Estavi, unaware that the buyer was a fake identity. At the time of his arrest, his assets included luxury items and real estate, allegedly purchased with profits from the embezzled funds.
Suspects and Subsequent Developments
Court documents identified other members of this network, including Majid Jahan Parto and Majid Tabatabaei. Four accomplices involved in document forgery were also identified. Although Hajipour was found guilty, his appeal was rejected, and Estavi was sentenced to 15 years in prison.
While the case continues, half of the victims have received compensation. Estavi paid about $14 million, but the remaining funds have yet to be returned due to the recent actions of the investigating group.
