Mahmoud Reza Khavari, the former chairman of the board and managing director of Iran’s largest bank, the state-owned Bank Melli, has reportedly fled Iran and arrived in Toronto, where he owns a home. Bank Melli was one of the banks involved in a massive embezzlement scandal. Khavari resigned his post on Tuesday. It is not uncommon for the Islamic Republic’s elite to have dual citizenship or close relatives living in the West.
Bank Sedarat and Bank Saman are also implicated in the $2.6 billion fraud, biggest in the country’s history, and their chairmen were removed from their posts.
Toronto’s The Globe and Mail has published a picture of Mr. Khavari’s home in the city's affluent Bridle Path neighborhood and reports that the property is valued at $3 million.
Khavari's Home in Toronto. Photo: J.P. Moczulski /The Globe and Mail. 30 September 2011