[IranAlert] Khamenei's Hand-Picked Minister Signs Billion-Dollar Deal With the Islamic Republic's Supreme Embezzler

This is the NUFDI IranAlert—concise, timely analysis offering unique insights into breaking news and major developments inside Iran. Each short brief provides a fresh angle, highlighting trends, reactions, and overlooked internal dynamics shaping Iran and the Islamic Republic.

On April 20, the Islamic Republic’s Minister of Roads and Urban Development, Farzaneh Sadeq—handpicked by the Supreme Leader—rubber stamped a $713 million deal with an infamous tycoon who embezzled $2.6 billion while facilitating illicit oil sales.

The government-run IRNA news agency announced the 610 trillion rials (around $713m) deal signed between a subsidiary of the ministry, Islamic Republic of Iran Railways, and ONE Holding (also known as DotOne Holding), tied to Babak Zanjani, formerly jailed for corruption. Roads Minister Sadeq attended the signing ceremony.

After the deal was signed, Zanjani took to X to praise the agreement as the “largest investment by the private sector in the history of the Iranian railway,” adding, “This is the year when economic power will replace political power.”

Zanjani was arrested in 2013 for allegedly embezzling over $2.6 billion while facilitating illicit oil sales during the presidency of Mahmoud Ahmadinejad (2005-2013). He was sentenced to death for corruption charges in 2016. However, the judiciary eventually overturned the ruling in 2024 after he collaborated with the authorities and his assets were transferred to Iran. He has been confirmed out of jail since February 2025.

The deal was rubber-stamped by Roads Minister Farzaneh Sadeq, whom according to President Masoud Pezeshkian, was assigned to the post directly by Supreme Leader Ali Khamenei.