Do Son 
A major corruption scheme has come to light within the intelligence division of Iran’s Islamic Revolutionary Guard Corps (IRGC), wherein senior officers embezzled cryptocurrency worth approximately $21 million under the pretense of investigating a fraud case.
The case centers around the Cryptoland exchange, which ceased operations in May 2021 following the arrest of its CEO, Sina Estavi. At the time of his detention, no formal charges had been brought against him; however, the exposure of the scandal prompted over 51,000 investors to file complaints.
The BRG token, developed by Estavi, experienced a dramatic plunge in value. Just one day after his arrest, six billion BRG tokens were withdrawn from his cryptocurrency wallets—before the public was even aware of the scandal. These tokens were soon sold off by IRGC personnel themselves, reaping tens of millions of dollars in profit.
A forensic expert identified the main figures involved: Mehdi Hajipour and Mehdi Badi, both senior investigators in the IRGC’s economic division. Blockchain data revealed that Hajipour sold tokens exceeding $21 million in value. In March 2022, he was apprehended during an IRGC counterintelligence operation while attempting to resell the stolen tokens to Estavi under a false identity for $10,000.
Before the theft, Hajipour’s assets were estimated at $40,000; within four months, they had ballooned to $2.4 million. He invested his illicit gains in real estate, gold, and luxury vehicles. He is currently held in a special IRGC prison facility.
Also implicated is Mehdi Badi, known by the alias “Dr. Ebadi.” He is the nephew of Ali Akbar Hosseini Mehrab, a former deputy head of the IRGC’s anti-corruption department and ex-governor of Khuzestan under President Raisi. The corruption network included at least four other IRGC officers and accomplices who forged official documents.
Little is known about the current fate of the accused; it is only confirmed that Hajipour’s appeal was denied in September 2022.
Sina Estavi himself was sentenced to 15 years in prison and ordered to return the stolen funds, although some investors had already received partial compensation from his assets. Estavi later fled the country, having faced pressure from the very officers who had misappropriated the victims’ funds.
Following Hajipour’s arrest, leadership changes took place within the IRGC: in the summer of 2022, intelligence chief Hossein Taeb was dismissed and replaced by Mohammad Kazemi.
Despite partial reimbursements, nearly 25,000 individuals are still awaiting the return of their funds. The total outstanding debt is estimated in the millions, funds that remain in the hands of corrupt IRGC officials.
