Suspicious Financial Connections of German Bank Volks with an Iran-Linked Company

The "Volks" bank in Düsseldorf, Germany, is under close scrutiny by the German Financial Supervisory Authority due to suspicious transactions with "GIC International," which has ties to the Ghadir company in Tehran. Ghadir is affiliated with the Islamic Republic of Iran and is on the U.S. sanctions list. GIC International, currently owned by an Iranian-German manager, is being investigated for allegedly circumventing sanctions and conducting dubious business transactions with subsidiaries in Turkey, Dubai, and China. Reports indicate that GIC International utilizes a network for exporting urea from Iran and purchasing properties abroad. Documentation has emerged showing that the Mapna company, a key industrial entity of the Islamic Republic, has a small office in Düsseldorf. This office is located in a simple building without any specific signage, and the name Abbas Ali-Abadi, Iran's Minister of Economy and an officer of the Revolutionary Guards, is visible on its mailbox. Ali-Abadi, who served as Iran's Minister of Economy from 2023 to 2024, had been the CEO of this company for years. Although he left his position in Düsseldorf after being appointed Minister of Economy in the previous government, he still maintains connections with the company's activities. This company is part of the parent group Mapna in Tehran, which is considered a cornerstone of Iran's economy and is under the direct control of the Astan Quds Razavi and the Supreme Leader of the Islamic Republic. It has been reported that this company plays a significant role in circumventing sanctions against the Islamic Republic of Iran, collaborating with networks in Turkey, Dubai, and China, and has even been listed by the British government as a company involved in the production or supply of weapons of mass destruction. The Islamic Republic of Iran circumvents sanctions through a network of shell companies in Germany, particularly in Düsseldorf and Hamburg. According to documents, the Mapna company uses various bank accounts for its transactions. These issues have led to increased scrutiny of the economic activities of these companies. These developments raise serious concerns about the economic operations of Iran in Europe and its efforts to circumvent international sanctions. European officials are under pressure to enhance oversight to prevent the activities of suspicious networks. New U.S. sanctions against the "shadow network" selling Iranian oil have been announced, with the U.S. stating that sanctions and pressure tools against the Islamic Republic have been effective. A $10 million reward has been offered for information about an Iranian company, and new U.S. sanctions have been imposed against those involved in the Iranian government's missile and drone programs.