TEHRAN – Shahabeddin Ghandali, the CEO of the Teachers Reserve Fund of Iran, was arrested on Wednesday on charge of $2.5 billion embezzlement.

The case included Ghandali’s four assistants all of whom have also been arrested, Judiciary spokesman Qolamhossein Mohseni Ejei said on Thursday, IRIB reported.

The fund has over 800 thousand members and is run by the Ministry of Education. It is funded by the employees of the ministry and pays annual interests to members.

SP/PA