While reviewing the Tejarat Bank and Exchange’s documents, it became apparent that a significant portion of their business abroad is conducted in cash, facilitated by recurring bulk cash carriers, or “Mules”. Most of their activity is centered in Turkey, where 35 out of the following 42 cash mules operated. The documents obtained reveal the identity for the first time. It is worth noting that some of the couriers concealed their ID number, potentially complicate identification. Salih Aydin, a recurring cash courier ('Mule') working with Tejarat Exchange

Ali Tosunoglu, a cash courier who "elegantly" concealed his ID number using a rubber band

One recurring and notorious partner of Tejarat Exchange is U.S.-designated Sadaf ("Shell") Exchange, owned by Iranian-Turkish money exchanger Seyyed Mohammad Musanna'i Najibi. Sadaf Exchange and Najibi himself were sanctioned in June 2024 for their role in financing and supporting Iran's MODAFL, AFGS and IRGC-QF. One of MODAFL's front companies that used Sadaf's services was Sahara Thunder, which was fully exposed previously here on WikIran. Such cash transfers can be easily traced through the "payment vouchers", bearing Sadaf/Shell Exchange's name.

A payment voucher mentioning "Shell Ex" (Sadaf Exchange) as the sender, transferred the cash payment to Turkish national Yuksel Gurkan.

It is important to reiterate that the IRGC-QF heavily relies on cash foreign currency (USD, EUR) to pay salaries to various proxy-terrorist organizations worldwide. The table below provides information about couriers who have received or transferred cash on behalf of Tejarat Bank and its Exchange. Some of them, specifically those involved with Sadaf Exchange, may be participating in terror financing activities.

Download the rest of the documents used for this article here .