- Companies based in Turkey, as well as others in Iran and elsewhere, have been used in Money laundering operations by Reza Zerrab and other suspects, according to an indictment prepared by Manhattan U.S. Attorney Preet Bharara.
“Zarrab, Camelia Jamshidy, and Hossein Najafzadeh, and their co-conspirators used an international network of companies located in Iran, Turkey, and elsewhere to conceal from U.S. banks, OFAC, and others that the transactions were on behalf of and for the benefit of Iranian entities” read the indictment made public on March 21.
According to the indictment, the network of companies includes Royal Holding A.Ş., a holding company in Turkey; Durak Döviz Exchange, a money services business in Turkey; Al Nafees Exchange, a money services business; Royal Emerald Investments; Asi Kıymetli Madenler Turizm Otom, a company located in Turkey; ECB Kuyumculuk İç ve Dış Sanayi Ticaret Limited Şirketi, a company located in Turkey; Güneş General Trading LLC; and others. “As a result of this scheme, the co-conspirators induced U.S. banks to unknowingly process international financial transactions in violation of the IEEPA,” the indictment said.
According to Bharara, the suspects “conspired for years to violate and evade United States sanctions against Iran and Iranian entities.”