The Iranian judiciary has announced that Iranian tycoon Babak Zanjani has been arrested by order of the court.

IRNA reports that Gholamhosssein Ejei, the Iran Prosecutor General, announced Zanjani’s arrest on Monday December 30.

The arrest is reportedly in relation to financial crimes, and the Mehr New Agency quoted a number of MPs saying the arrest is “possibly connected with debts to the oil ministry and the Central Bank, as well as forgery.”

According to his own statements, Zanjani owns 70 companies and tens of trillion dollars inside and outside Iran.

Zanjani’s name is on the U.S. and EU blacklist for money laundering and for avoiding international sanctions against Iran.

Radio Zamaneh