Hejbar Yazdani: The Untold Story of Iran’s Pre-Revolution Business Magnate, Known as “Mr. 13”

The Banking Scandal: Corruption and Power

Yazdani’s business dealings eventually attracted controversy, particularly his activities within the banking sector. By bribing bank managers and using checks with insufficient funds, Yazdani managed to acquire significant shares in various Iranian banks without facing legal repercussions. According to sources, Yazdani delayed the payment of his checks and manipulated the financial system to his advantage, with the help of corrupt officials.

One of the key moments in his rise occurred when the head of Iran’s Central Bank, Hassan Ali Mehran, discovered Yazdani’s manipulations and reported the issue to Prime Minister Amir Abbas Hovida. However, instead of facing legal consequences, Yazdani received a strong letter of support from the judiciary, which halted any further investigation. This level of immunity allowed him to solidify his control over the banking sector, prompting him to famously boast, “Tell your boss that I took over the bank” during a meeting with Hovida’s office.

Yazdani’s banking ambitions culminated in his quiet acquisition of a 28% stake in the Iranian Bank. Despite opposition from Azar Ebtahaj, a senior member of the bank’s board, Yazdani pushed forward with the purchase, eventually buying out Ebtahaj’s shares at three times their market value. This aggressive takeover signaled Yazdani’s influence within Iran’s financial system and cemented his reputation as one of the country’s most powerful business magnates.

December 30, 2022 | 9:13 pm