Babak Zanjani Net Worth

Background and career

Babak Zanjani (Persian: بابک زنجانی, born 12 March 1974) is an Iranian billionaire and business magnate. He was the managing director of the UAE-based Sorinet Group, one of Iran's largest business conglomerates. In late 2013, he was arrested and accused of withholding $2.7 billion of government money owned by the Ministry of Petroleum, while facilitating Iran's oil revenue, which was hindered by the sanctions against Iran.

Zanjani was convicted of corruption and sentenced to death. In 2021, while awaiting execution, the Supreme Court of Iran indicated that the sentence would be commuted when his debts to the Iranian government were paid, and stayed his sentence, pending return of the embezzled funds. After the return of around $2.1 billion in assets, his sentence was commuted to 20 years of imprisonment on 30 April 2024. Several commentators have stated that Zanjani is perhaps a "fall guy" for corruption scandals in Iran.