A businessman that was responsible for the biggest bank fraud Iran has ever seen has been executed, Iranian state media has said.

Mahafarid Amir-Khosravi, also known as Mansour Aria, was hanged at Tehran’s Evin prison on Saturday after being convicted of a scam that was said to have cost Iranian banks nearly £1.5 bn.

Alongside Khosravi, 39 defendants were convicted for fraud, with four others being sentenced to death.

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