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Fake CEO and cat photos help uncover billion-dollar IRGC crypto network

Feb 27, 2026, 10:56 GMTUpdated: 01:27 GMT
Babak Zanjani - File photo
Babak Zanjani - File photo

Two UK-registered cryptocurrency exchanges allegedly processed billions of dollars for Iran’s Revolutionary Guards using a fabricated chief executive built from stock footage, according to an investigation by the Organized Crime and Corruption Reporting Project (OCCRP).

The report said the companies, Zedcex and Zedxion, listed a supposed director and person with significant control named “Elizabeth Newman,” but investigators found no passport records, migration history or other evidence that such a person exists.

Promotional materials for the exchanges used stock video footage labeled “Pretty black woman talking to camera” from Shutterstock to portray the fictitious executive, while other “team members” also appeared to be generic stock clips.

The companies were able to register in Britain because, until recently, Companies House required no identity verification for corporate filings.

OCCRP’s investigation also linked the exchanges to Iranian tycoon Babak Morteza Zanjani, who was sentenced to death in 2016 for embezzling oil revenues but whose sentence was commuted in 2024.

Zanjani briefly appeared as a director of Zedxion, the report said, and his name remains embedded in the metadata of the exchange’s white paper. A YouTube video also shows him promoting Zedcex.

Despite filing as dormant companies in Britain, the two exchanges processed roughly $94 billion in transactions, OCCRP reported.

Investigators traced more than $1 billion in cryptocurrency flows connected to entities linked to Iran’s Revolutionary Guard, according to the report and blockchain analysis firm TRM Labs.

That included more than $10 million sent to a Yemeni financier accused of supporting Houthi attacks on shipping in the Red Sea, the report said.

A key link between the network and Zanjani emerged through social media posts by his partner, Solmaz Bani—also known as Niyoosha or Sara Bani—a former model whom investigators say registered newsletter domains connected to the exchanges and appeared in login data tied to their operations.

According to the investigation, images shared by Zedxion’s Telegram channel in May 2024 showed a white cat with grey-brown markings and a distinctive purple bell collar.

A nearly identical cat, wearing the same collar, appeared in photographs posted on Bani’s now-deleted Facebook account in February 2025.

Investigators also said distinctive furniture seen in Zanjani’s social media posts matched items appearing in photographs linked to the exchange network.

The report said the scheme may have helped finance activities linked to the Revolutionary Guard, including repression during protests in Iran in January 2026 triggered by inflation and currency collapse.

The US Treasury sanctioned Zanjani on January 30, 2026. Britain has also sanctioned him, though the exchanges themselves have not been targeted.

New identity-verification requirements for Companies House filings are due to take effect in May 2026.

Zanjani dismissed the US accusations on social media platform X, calling them “merely a pretext for seizing 660 million Tether and extortion.”

The exchanges and Bani did not respond to requests for comment, according to the investigation.

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Two arrested over shooting at Iranian lawmaker’s car, prosecutor says

Feb 27, 2026, 08:24 GMT

Two people have been arrested in connection with a shooting at the car of Iranian lawmaker Abbas Bigdeli, a provincial prosecutor said on Friday.

Ali Asghar Asgari, prosecutor of Qazvin, said the two suspects were detained over the use of a hunting weapon against Bigdeli’s vehicle. A judicial case has been opened against them, he added.

Asgari said the incident did not have a “terrorist” nature.

On Thursday evening, Salar Abnoush, head of the Qazvin provincial assembly of lawmakers, said the personal vehicle of Bigdeli, who represents Takestan in parliament, was hit by pellet gun fire. He said the lawmaker was unharmed.

Geneva talks end with no breakthrough as US continues war preparations

Feb 27, 2026, 02:23 GMT

US-Iran nuclear talks in Geneva ended on Thursday without any achievements, with Iran rejecting key US demands while Washington maintaining military readiness and top officials signaling a hardline stance, according to Iranian and Western media reports.

Delegations from Tehran and Washington met under Omani mediation for the third round of indirect talks, focusing on Iran’s nuclear program and sanctions relief, according to Iran’s foreign ministry.

Omani Foreign Minister Badr al-Busaidi said technical discussions would resume next week in Vienna.

While the Omani top diplomat spoke of “progress” in negotiations, US media said no breakthrough was achieved.

Iran rejected major US proposals, including transferring enriched uranium abroad, halting enrichment, and dismantling certain nuclear sites, The Wall Street Journal reported citing informed sources.

US military and political pressure continues

The talks took place amid a large US military presence in the Middle East. Shortly after the talks, CENTCOM chief Admiral Brad Cooper briefed President Donald Trump on potential options, ranging from limited strikes on nuclear and missile sites to broader operations involving Israel, carrying risks of escalation and regime change.

White House officials stressed that no decisions had yet been made.

In Washington, lawmakers signaled hardline positions. Senate Republicans posted on X that “Iran will never have a nuclear weapon.” Representative Carlos Gimenez warned that past deals “breathed new life into the regime” and argued that extraordinary measures may be needed to prevent a nuclear-armed Iran.

US Vice President JD Vance, cited by The Washington Post, said the United States would avoid another prolonged Middle East war while keeping both diplomatic and military options open.

The talks coincide with domestic pressures in Iran, where universities have shifted to online-only classes amid ongoing protests. Observers say the lack of breakthroughs highlights the fragile state of the diplomatic process.

Negotiators are expected to return next week. Core disagreements over enrichment and sanctions remain, leaving the outcome uncertain as Iran continues uranium enrichment and the US maintains military readiness in the region.

Famous footballer out of contact after calling Khamenei ‘Satan,’ wife says

Feb 26, 2026, 22:23 GMT

Famous Iranian footballer Rashid Mazaheri has had no contact with his wife for more than 48 hours after comparing Supreme Leader Ali Khamenei to Satan in a social media post condemning the Islamic Republic’s January massacre of protesters, she said.

Mazaheri on Wednesday posted an image on Instagram of Khamenei labeled “Satan,” with the caption: “Your command over this sacred land has ended.”

The post was later deleted, and her wife Maryam Abdollahi said the goalkeeper’s current whereabouts are unknown.

The Islamic Revolutionary Guard Corps (IRGC)-affiliated Fars News said on Wednesday that a summons had been issued for Mazaheri over an alleged 4-billion-toman - $80,000 - fraud, and that the footballer was "exploiting the country's situation and fabricating lies to avoid paying his debts."

Mazaheri's wife rejected the Fars report, calling them a “carefully engineered lie meant to cover up the truth.”

“Any reports suggesting his arrest over financial matters are fabricated lies meant to hide the truth," she posted on Instagram.

“Rashid knew about these traps and has stood courageously, remaining in his homeland. His bravery cannot be hidden behind these dirty scenarios," she said.

Mazaheri was a goalkeeper for Tehran giants Esteghlal and was even named in Iran's preliminary squad for the 2018 World Cup in Russia.

US slaps new sanctions on Iran oil, missile networks ahead of talks

Feb 25, 2026, 18:24 GMT

The United States on Wednesday imposed sanctions on more than 30 individuals, companies and vessels linked to Iran, escalating economic pressure a day before a third round of talks between Washington and Tehran in Geneva.

The Treasury Department said the measures target networks involved in Iranian oil exports as well as procurement channels supporting the country’s ballistic missile and advanced conventional weapons programs.

“Iran exploits financial systems to sell illicit oil, launder the proceeds, procure components for its nuclear and conventional weapons programs, and support its terrorist proxies,” Treasury Secretary Scott Bessent said.

“Under President Trump’s strong leadership, Treasury will continue to put maximum pressure on Iran to target the regime’s weapons capabilities and support for terrorism, which it has prioritized over the lives of the Iranian people.”

A significant portion of the designations focused on vessels operating in Iran’s so-called “shadow fleet,” which US officials say transports sanctioned petroleum to foreign markets.

Among them was the Panama-flagged HOOT, accused of shipping Iranian liquefied petroleum gas to Bangladesh in 2025, and the Barbados-flagged OCEAN KOI, which Treasury said has carried millions of barrels of Iranian fuel oil and condensate over the past year.

Treasury also designated individuals tied to Iran’s drone and missile infrastructure.

Mohammad Abedini and Mehdi Zand, employees of Qods Aviation Industries, were sanctioned for allegedly providing technical support in Russia for Iranian-designed Mohajer-series unmanned aerial vehicles.

Two other Qods Aviation employees—Mehrdad Jafari and Ebrahim Shariatzadeh—were cited for supporting UAV activities abroad, including in Venezuela.

In addition, companies in Türkiye and the United Arab Emirates were targeted for allegedly facilitating payments and procurement of sensitive machinery and missile precursor chemicals for entities linked to the Islamic Revolutionary Guard Corps’ aerospace arm.

The sanctions were imposed under multiple executive orders related to Iran’s energy sector and weapons proliferation, and form part of what the administration describes as a continuing campaign of maximum pressure.

The action comes as negotiators prepare to meet in Geneva on Thursday for what officials on both sides have described as a potentially pivotal round of discussions, amid reports that Washington has set informal timelines for progress.

China refiners turn to Russian oil as Iran faces rising uncertainty

Feb 25, 2026, 15:30 GMT
•
Dalga Khatinoglu

China appears to be replacing disrupted Venezuelan oil shipments with Russian crude rather than Iranian barrels, despite steeper discounts being offered by Tehran.

According to data from commodity intelligence firm Kpler, shared with Iran International, China discharged an average of 1.138 million barrels per day (bpd) of Iranian crude at its ports this month—about 115,000 bpd less than in January.

Separate figures from Vortexa show China’s average purchases of Iranian oil this month at just over 1.03 million bpd, marking a decline of 220,000 bpd compared to January.

The disruption began after a maritime blockade targeting Venezuelan tankers and the subsequent detention of former Venezuelan president Nicolás Maduro by US commandos on January 3. As a result, deliveries to China were interrupted, and several Chinese refiners halted purchases altogether.

Vortexa data indicate that Russian crude rapidly filled the gap.

This month, China received an average of 2.07 million bpd of Russian oil—370,000 bpd more than in January. Notably, this increase roughly matches Venezuela’s average crude exports to China in 2025, suggesting a near one-for-one replacement.

Supply stability

The decline in Iranian crude discharges comes despite a Reuters report that Iran is offering even deeper discounts than Russia to Chinese refiners.

This month, Iran is reportedly offering discounts of $10–11 per barrel on its light crude, roughly 16% of benchmark value and similar to those offered by Russia.

Beijing appears to be prioritizing supply stability over marginal price differences, given Iran’s uncertain trajectory amid ongoing nuclear talks and the shadow of potential military escalation.

China’s small independent refiners, known as “teapots,” are effectively the only buyers of sanctioned Iranian and Venezuelan oil. A significant portion of Russia’s crude exports to China also flows to these refiners.

Teapot refiners account for about 20% of China’s total crude imports. Unlike major state-owned refiners, they lack extensive strategic storage capacity and cannot rely on large internal inventories or risk sudden feedstock disruptions such as the Venezuelan supply shock.

Under these circumstances, relying on a relatively more stable supplier such as Russia appears commercially safer than depending on Iran, which currently faces escalating threats of potential US military action.

Almost a fifth of global crude consumption is transported through the Straits of Hormuz that Tehran has repeatedly warned it could close in the event of a major war.

Last year, the United States sanctioned 84% of the tankers involved in lifting Iranian crude. Those measures contributed to a decline in Iranian deliveries to Chinese refiners in the final months of the year, with the downward trend continuing into the current year.

US President Donald Trump signed an executive order imposing a 25% tariff on Iran’s trading partners in 2026. Given that China exported over $400 billion worth of goods to the United States in 2025, it is unlikely that Beijing will ignore the potential impact of such tariff threats.