protest rallies held by Caspian Credit Institution’s victims in a number of Iranian cities drew attention once again to the critical condition of the country’s credit institutions and even banks.

Iran: Plundering, Backed by Revolutionary Guards and Khamenei's Office

Caspian Credit Institution was formed in February 2016 by merging eight co-operatives, namely Fereshtegan, Mashhad’s Al-Zahra,

 Isfahan’s Hasanat, Kermanshah’s Damdaran &Keshavarzan, Mashhad’s Badr-Toos, Payvand, Gorgan’s Amir-Jalin, and Mazandaran’s Keshavarzan, thus taking on all the accounts and commitments of its bankrupt subsidiaries after getting the Central Bank’s permit.

The institution is actually one of 7000 scam businesses which, due to having links with the Revolutionary Guards and Khamenei’s office, have been able to get their permits from regime’s Central Bank, which lacks any kind of independence.