‘Sultan of Coins’, Accomplice Executed in Iran

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Iran has executed the so-called "Sultan of Coins" and his accomplice for hoarding gold and other hard currency as the country faces an economic crisis in the wake of United States sanctions. In August, special courts targeting economic crimes were established with the approval of the country's highest authority, Supreme Leader Ayatollah Ali Khamenei.

Rights group Amnesty International condemned Iran's execution on Wednesday of a gold trader and his accomplice as "abhorrent" and said it followed a "grossly unfair show trial".

Vahid Mazloumin and another member of his currency trading network received the death penalty for "spreading corruption on earth".

The courts have handed out at least seven death sentences since they were set up and some of the trials have been broadcast live on television.

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They were put to death after the Supreme Court upheld their death sentences and the legal processes were completed, Tasnim reported.

Mazloumin was allegedly caught with two tons of gold coins, according to the Iranian Students' News Agency (ISNA).

"The octopus-like network disrupted the economy by buying, selling and smuggling foreign currency and gold coins", Mizan said.

Iran does not publish official statistics on the number of people it executes. A third person, who also was convicted, has an appeal pending.

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At least 32 other people were sentenced to jail terms after related convictions in the case, Iranian media reported.

In August, the United States re-imposed a first round of sanctions after pulling out of a 2015 deal between world powers and Iran under which worldwide sanctions were lifted in return for curbs on its nuclear programme.

Many Iranians have stocked up on gold coins and other safe haven investments as the rial has plummeted this year to 135,000 to the dollar from last year's rate of around 40,500.

As a result, a cost of living crisis has seen demonstrators take to the streets against perceived corruption.

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