Iranian Officials Accused of Embezzling $21 Million in Cryptocurrency

Members of the Islamic Revolutionary Guard Corps (IRGC) have been accused of embezzling over $21 million in cryptocurrency under the guise of an anti-corruption investigation into the collapsed exchange Cryptoland and its founder Sina Estavi. This was reported by local media. 

Key figures in the scheme were officials Mehdi Hajipour and Mehdi Badi. According to court documents, Hajipour transferred $21 million worth of cryptocurrency into wallets under his control. Within months, his wealth surged from $40,000 to $14.2 million, which he spent on gold, luxury real estate, and cars.  

The investigation began in 2021 following the arrest of Estavi, who was accused of embezzling $20 million and undermining the economic system. After his detention, the exchange shut down, prompting over 51,000 investors to file complaints.  

In March 2022, Hajipour attempted to gain additional profit by staging a deal with Estavi, who had to pay $10,000 to recover some of the stolen tokens. The scam was uncovered, leading to Hajipour’s arrest. He was later sentenced to prison without the right to appeal.  

At least four other IRGC members were involved in the scheme. Some falsified documents to legitimize the transfers, while Badi, operating under the alias Doctor Ebadi, used connections with influential relatives for cover.  

In 2023, Estavi was sentenced to 15 years in prison, 75 lashes, and a lifetime ban from public service. However, he escaped from Iran despite a travel ban. He was recently spotted in France.

In March 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control added 49 crypto addresses to the SDN list, linked to the closed darknet marketplace Nemesis Market. The wallets were controlled by Iranian citizen Behrouz Parsarad.