How Iran's Supreme Leader Network Hid Hundreds of Millions in Western Real Estate, and the Three Shadow Banks That Kept the Cash Flowing
For years, a little-known holding company registered in the Caribbean island of Saint Kitts and Nevis quietly accumulated a portfolio of luxury hotels in Frankfurt, a shopping mall in Germany's Ruhr Valley, apartments on London's so-called Billionaires' Row, and a Marbella villa overlooking the Mediterranean. On paper, the properties belonged to a legitimate hospitality and real estate enterprise. In reality, according to the U.S. Treasury Department, they were a hidden vault, looted from the Iranian public and held for the benefit of Mojtaba Khamenei, son of Iran's Supreme Leader, and the elite officers of the Islamic Revolutionary Guard Corps.
On July 10, 2026, the Treasury's Office of Fore…
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