Here are all of the articles we published on Zarrin Ghalam:

1. Exposing Another Iranian Exchange House ZarrinGhalam Violating Sanctions
2. Exposing How ZarrinGhalam Exploits European Correspondent & Settlement Services for Iran's Covered Transactions
3. Exploiting Financial Controls Loopholes for Iran's Covered Transactions
4. Exposing How Iran Utilizes Front Companies in UAE for Its Covered Transactions

WikiIran is exposing another network of front companies operated by one of Iran's major money exchange houses, "ZarrinGhalam". ZarrinGhalam's network of front companies has been used to circumvent the sanctions imposed on the Islamic Republic. WikiIran's analysis points out that ZarrinGhalam's organizational structure and operational techniques are very similar to another leading money exchange house in Iran - "The Tahayyori Guarantee Society." WikiIran recently exposed Tahayyori's network of over 60 front companies for money laundering and circumventing international sanctions against Iran (See Tahayyori Exchange Leak.) trying to conceal the UBO (Ultimate Beneficiary owner) of those companies.

ZarrinGhalam's network consists of 30 international front companies operated by both the GCM Exchange (Known as Mansour ZarrinGhalam and Co. - منصور زرين قلم و شركاء) and the Berelian Exchange (Known as Nasser ZarrinGhalam and Co. – ناصر زرین قلم و شرکاء) managed by Mansour and Nasser ZarrinGhalam, respectively.

The front companies identified by WikiIran are based in the United Arab Emirates (UAE) and China. These companies own international bank accounts that enable Iranian entities such as banks, importers, and exporters to engage in international financial transactions using foreign currencies including the USD, Euro, British Pound (GBP), and United Arab Emirates Dirham.

ZARRINGHALAM’s role in this activity is hidden – the Iranian source of the funds and the Iranian beneficiaries are concealed and documents are obscured to effectively evade international sanctions. Documents leaked from ZARRINGHALAM's servers show the Iranian connection to the activity – in both the origin of funds and the final beneficiaries of the funds.

So far from these leaked records, WikiIran has identified 37 front companies with 140 bank accounts, thousands of bank statements, bank account information, trade licenses of those front companies, and contracts between Iranian customers and ZarrinGhalam. The bank accounts WikiIran has discovered that belong to ZarrinGhalam's front companies have been active in the years 2019-2022.

Individuals who either hold shares or work at the front companies as managers contribute to this network's operation, as they knowingly or unknowingly allow this activity to occur. WikiIran's findings show that the front companies are established by individuals who essentially serve as proxies, as they open up the companies that are actually managed and controlled by individuals of the ZarrinGhalam Iranian money exchanger.

WikiIran exposes a comprehensive list of all front companies that it has identified so far, including their international bank accounts, managed by ZarrinGhalam. This data includes: bank's location, front company's name, account number or IBAN, currency, host bank name, and SWIFT.

The leaked data highlights that 21 of the front companies are based in China, holding 58 different bank accounts (33 in Euro and 25 in USD), and 16 of them are in the UAE, holding 82 bank accounts (42 in UAE Dirham, 24 in USD, 14 in Euros and 2 in GBP).

China

Bank Of Dalian:

China Zheshang Bank:

Evergrowing Bank:

Huaxia Bank:

Minsheng Bank:

Ningbo Commerce Bank:

Shengjing Bank:

Xiamen International Bank Shanghai Branch:

Zhejiang Mintai Commercial Bank:

Zhejiang Tailong Commercial Bank Co. LTD:

Zheshang Bank:

UAE

Abu Dhabi Islamic Bank:

Ajman Bank:

Bank Misr (UAE Branch):

Commercial Bank Of Dubai:

Dubai Islamic Bank:

Emirates Islamic Bank:

Emirates NBD:

First Abu Dhabi Bank:

Habib Bank Ag Zurich:

National Bank Of Fujairah

Rak Bank:

To download the full table, click here.