Monday, June 17, 2024

Iran police arrest principals driving illegal futures forex, gold trades

Iran’s police say they have arrested 31 principals pulling the string of futures foreign currency and gold trade, as the Iranian rial’s exchange rate against the US dollar hits historical lows, driving a gold price surge.

Deputy Chief of the Economic Security Police Brigadier General Sohrab Bahrami added that there were “fluctuations” in the foreign currency and gold prices over the past days, which he said were driven by profiteers leading illegal futures dealers to raise prices.

He said all futures deals for foreign currency are illegal and considered gambling and perpetrators will be held accountable for disruption of the national economic system.

There have been reports over the past days that the illegal trade is conducted through channels and pages on social media networks with the aim of disrupting the markets.

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