Babak Zanjani

Babak Zanjani is an Iranian billionaire businessman convicted of large-scale embezzlement and sanctions evasion. Between 2010 and 2013, operating through his UAE-based Sorinet Group and a network of over 60 shell companies, he sold millions of barrels of Iranian crude oil on behalf of the Ministry of Petroleum in violation of international sanctions, generating an estimated $17.5 billion in revenue for the Iranian government.

His operations were authorised by senior officials during Mahmoud Ahmadinejad's second presidential term, including Oil Minister Rostam Ghasemi, formerly the head of Khatam al-Anbiya. Zanjani was accused of withholding $2.7 billion owed to the state.

The European Union sanctioned Zanjani in December 2012 as a key facilitator of Iranian oil deals, and the United States designated him in April 2013 under Executive Order 13382. He was arrested on 30 December 2013 and sentenced to death on 6 March 2016 for 'spreading corruption on earth.' The Supreme Court confirmed the sentence in December 2016.

In April 2024, his death sentence was commuted to 20 years' imprisonment after he returned approximately $2.1 billion in assets, with clemency approved by Ali Khamenei. By early 2025, Zanjani was conditionally released and resumed business activity through the newly registered Avan Group (DotOne Group), which quickly expanded into rail transport, crypto trading, and other sectors. In 2025, the United States and United Kingdom imposed fresh sanctions on Zanjani and his crypto exchanges for continued IRGC financing.