WikIran reveals the newly-exposed Sadaf Exchange, a major Iranian Exchange with links to MODAFL, AFGS and IRGC-QF. The exchange has established an extensive network of front companies across the world, built by questionable individuals identified in this article.

Sadaf Exchange, also known as Seyyed Mohammad Mosanna'i Najibi & Co. Company is a major Iranian exchange house owned by Seyyed Mohammad Mosanna'i Najibi, an Iranian-Turkish national. Najibi also Golden Stars Exchange, a related entity based in Turkiye, which operates on behalf of Sadaf Exchange.

For years, Sadaf Exchange has played a central role in the sanctions evasion efforts of the Iranian Ministry of Defense and Armed Forces Logistics (MODAFL), the Armed Forces General Staff (AFGS) and the Iranian Revolutionary Guard Forces Quds Force (IRGC-QF). Since 2020, the exchange has facilitated the transfer of hundreds of millions of dollars from Iranian military entities to front companies abroad. Among the most notorious of these is MODAFL's front company Sahara Thunder.

The funds funneled through Sadaf Exchange have been used to finance the acquisition of advanced military technology, including drones, and have also been directed to Iran's regional proxies across the Middle East. These illicit activities led to the US department of Treasury designation of Sadaf Exchange, Golden Stars Exchange and Najibi himself in June 2024.

The following document leaked from the Sadaf database reveals a front company called "Ajanta Trading", apparently based in the UAE and with a bank account in Dubai Islamic Bank (DIB):

The main actor of this complex masquerade is Sayyed Mohammad Mosanna'I Najibi – the owner and former CEO of Sadaf Exchange:

Najibi is known to have close personal ties to senior Iranian military officials. Notably, he worked directly with Behnam Shariyari, an IRGC-QF official, who was recently eliminated.

However, Najibi is no longer the CEO of Sadaf Exchange. He was replaced by Ladan Moslemzadeh, CEO of Sadaf Exchange, who was appointed under questionable circumstances:

A formal letter from the Central Bank of Iran (CBI) confirms Ladan Moslemzadeh's appointment as the CEO of Sadaf Exchange.

While the full extent of their personal motivations remains unclear, individuals like Najibi and Moslemzadeh contribute to illicit financial schemes that allow the Iranian regime to evade sanctions, launder money and finance terror. They thus represent a serious threat to global financial stability. The leaked documents of Sadaf exchange offer unprecedented insight into a vast network of previously unknown front companies. Stay tuned – more revelations are on their way to WikIran.