TEHRAN – The Iranian Intelligence Ministry issued a statement on Monday announcing it has dismantled a currency fraud network in the western province of Kurdistan.

The statement said that 11 members of the network were arrested.

“While Iran is experiencing delicate economic conditions and the use of currency resources should come under careful scrutiny, members of the fraudulent network received subsidized foreign currency the equivalent of 47,000 billion rials from banks under the guise of importing basic commodities, but invested the fortune in foreign countries,” the statement said, according to Tasnim.

NA/PA