WikIran exposes the UAE and Turkey-based front companies' networks of Sadaf Exchange, along with its sanction evasion techniques and patterns.

In our previous articles, we examined US-designated Sadaf Exchange and its owner - Seyyed Mohammad Mosanna'i Najibi. We also explored the exchange's deep engagement with China's financial system. This article exposes over 200 front companies based in Turkiye and the UAE that appear in the leaked documents of Sadaf Exchange. Some of these entities are directly owned by Sadaf, while others operate as business partners within Sadaf’s network – facilitating financial flows for Iran's military apparatus.

The UAE-based entities identified in the Sadaf leak exhibit typical characteristics of shell operations: Many of them have deliberately obscure names and logos, proforma invoices with blank customer fields to allow flexibility in fund routing, a striking lack of specification and a strict requirement of 100% telegraphic transfers (irrecoverable payments) upfront.

Additionally, many of these companies claim to trade goods originating from unrelated countries, under the disguise of general trading. Examples of these patterns can be observed in the following leaked documents exposing some of their front companies and accounts:

More red flags can be observed in invoices issued by the front Flyox FZE and NFT Trading LLC:

Yet, those companies are just the tip of the iceberg. The following table lists basic details of all the #WikIranVerified Turkish and UAE-based front companies uncovered in the Sadaf Exchange data leak:

WikIran calls on financial regulators, law enforcement agencies and international banks to act against these companies and their bank accounts. Their systematic abuse of the International financial system enables Iran’s Islamic Republic and its security apparatus to evade sanctions, launder funds and procure illicit goods.