Tag: Caspian depositors

Caspian depositors, are creditors who have lost their savings to the Revolutionary Guards affiliated Caspian Credit Institution.

The Caspian Finance and Credit Institution is one of the largest in a long series of failures of Iranian financial institutions in recent years resulting in the destruction of the savings of thousands of people in Iran.
According to a New York Time article, “the cascade of defaults, economists say, was not just the result of risky banking practices, but also a case study in official corruption — a major reason Iranians found their losses so infuriating.”

“Many of the institutions, including those that merged in 2016 to form Caspian, were allowed to gamble with deposits or run Ponzi schemes with impunity for years,in part because they were owned by well-connected elites: religious foundations, the Islamic Revolutionary Guards Corps or other semiofficial investment funds in the Iranian state,” the NYT wrote.

Caspian depositors have been holding protest rallies all over Iran, demanding their stolen property.

 

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