Caspian Institution Director Still Not Arrested; Depositors Rally in Front of Central Bank

FCNN EditorAugust 9, 2018

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While depositors of the Caspian, Arman, Valiasr, and Thaminal-Hajj credit institutions continue to gather to reclaim their deposits, reports of the arrest of the Caspian institution’s chief executive have been denied.

Young Newspaper reported on Wednesday, August 17, citing Hassan Nourouzi, spokesperson for the Legal and Judicial Commission of the Islamic Consultative Assembly, that the managers of Valiasr, Arman, and Caspian institutions were arrested and investigations by the prosecutor have begun.

The parliamentarian stated that after the prosecutor issues a conviction order, the trial process for the accused will commence. According to him, since the file of Thaminal-Hajj institution is currently under review in court, the judiciary will certainly intervene to examine other cases after the completion of this file.

However, hours later, the Islamic Republic News Agency (IRNA) denied reports of the arrest of the Caspian credit institution’s managers and announced on behalf of Ali Naeimi, the chief executive of the institution, that the institution reserves the right to pursue the matter through legal channels.

Simultaneously, depositors of the Caspian institution gathered in front of the Central Bank building and chanted slogans in protest of their unpaid deposits. The protesters chanted: “By our faith in God, we have been plundered, by God.”

Protests against several financial institutions for not returning people’s deposits have continued over the past year.

Many financial institutions in recent years attracted citizens’ savings with promises of high returns but subsequently were unable to pay the returns and even the principal amount.

Depositors are protesting because some institutions operated with Central Bank permits, yet the Central Bank did not prevent their violations.

Following widespread protests over the past two years, the government has returned some of the financial losses to the depositors; however, many of these depositors continue to gather in protest over their unpaid deposits.

Source: Voice of America

FCNN Editor

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