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Iran: Caspian credit firm clients rallying in Tehran

Reported by PMOI/MEK

 

Iran, May 28, 2019 - A group of clients who had placed their savings in the state-run Caspian credit firm rallied outside the regime’s Central Bank in Tehran on Tuesday, demanding their stolen savings returned.

The firm is linked directly to the Revolutionary Guards (IRGC), recently designated as a “Foreign Terrorist Organization” (FTO) by the U.S. State Department.

The protesters were chanting:

“The government’s report card: Violating people’s rights”

“Theft on a national scale; Our trust has been betrayed”

 

 

 

 

 

 

The term "deposit losers" in Iran is a new socioeconomic expression. This term is referred to those Iranian people who have deposited their money for buying a home or a vehicle, or etc. to governmental financial institutions or other government-approved organizations, but have not received their homes or cars or even been paid refunds from these institutions and their money have illegally been blocked.

 

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State-backed credit and financial institutions are plundering the Iranian people’s wealth. Iran’s credit institutions have dealt severe blows to the country’s economy, as these institutions have seized 25% of the country’s liquidity (over $40 billion).

 

 

 

All these credit and finance institutions like the Caspian, Arman Vahdat, Thamen al-Hojaj, etc. were backed by state-run media organizations and Iran’s Central Bank. The Revolutionary Guards (IRGC), State Security Forces, Basij, and the Judiciary jointly own these institutions.

In a large state-run scam, these credit and finance institutions swindled billions of dollars from the Iranian people. Subsequently, the customers of these institutions poured into the streets to protests and reclaim their deposits.

The administration of Hassan Rouhani tasked banks to solve the issue, but Iran’s banks were either bankrupt or on the verge of bankruptcy. So the Iranian regime resorted to printing excessive banknotes to refund the people, which led the country towards the increase of inflation and price growth.

$4 billion and $2.5 billion worth of banknotes were printed on two separate occasions, and $3.5 billion has been paid to clear the debts of Iranian credit and finance institutions. However, there are still many people who protest in front of such financial and credit institutions demanding the refund of their deposits.

According to these figures, an overall $10 billion have been paid to date, which means $125 out of the pocket of every Iranian.

The liquidity has increased 25 fold in the past 13 years. This means that the regime has stolen from people’s wealth in the same proportions.

The Iranian regime’s breaths are numbered, and it is trying to solve the problem by resorting to some short-term treatments to postpone its collapse. But as Iranian opposition leader Maryam Rajavi has said, “The third sign of the inevitable overthrow of the ruling religious fascism is that social tensions and economic crises, especially high prices, unemployment, poverty, and inequality have reached a critical mass. Everyone senses the explosive state of society. And the mullahs can offer neither a solution nor are willing or able to resolve the problems.”