US Sanctions Iranian Tycoon’s Network Over Alleged Aid to Sanctions Evasion

July 25, 2026
By Mintesinot Nigussie

The United States has imposed sanctions on a network linked to Iranian businessman Babak Zanjani, targeting companies and individuals accused of helping expand Iran’s ability to move funds through offshore channels and evade sanctions. The Treasury Department’s Office of Foreign Assets Control (OFAC) designated four individuals and nine entities connected to Zanjani’s business operations, including companies involved in digital assets, financial technology, gold production and infrastructure projects.

The measures block any assets belonging to the designated parties that fall under US jurisdiction and prohibit US persons from engaging in transactions with them unless authorised by OFAC. Treasury also warned that non-US individuals and companies could face sanctions exposure if they assist efforts to evade US restrictions. The action focuses on Zanjani’s Iran-based Dot One conglomerate and companies that Treasury said supported his digital asset platforms, Zedcex Exchange Limited and Zedxion Exchange Limited.

Treasury said Zanjani used a broad portfolio of businesses to obscure ownership, launder revenue and increase his ability to transfer funds covertly through Iran and abroad. The department said his activities covered financial services, gold and precious gem production, digital asset trading, transportation and infrastructure. “Under President Trump’s leadership, Treasury will continue cutting off economic access for corrupt Iranian regime elites, along with their financiers and facilitators,” US Treasury Secretary Scott Bessent said.

Among the companies designated is Dot One Value Creation Group, described by Treasury as the main holding company of the Dot One conglomerate. The company operates in areas including logistics, telecommunications, aviation, transportation and digital assets. Treasury said Zanjani became its chief executive as early as 2024 and continues to control the company. OFAC also targeted DotOne Gold Company, which Treasury said produces and manages gold bars linked to Tala Token, a digital asset promoted as being backed by gold. The department said significant quantities of Tala Token moved through Zedcex infrastructure in early 2025.

Other Dot One entities sanctioned include DotOne Rail Company, DotOne Barter Company, DotOne Airlines Company and DotOne Trip. The Treasury said the companies are involved in railway construction, clearing services, airline operations and ride-sharing activities. The sanctions also extend to overseas companies connected to Zedcex and Zedxion. Treasury designated Turkey-based Zedpay Finansal Sistem Ve Hizmetleri Anonim Sirketi, which it said provided digital wallet and global transfer services integrated with Zedxion’s platform. Dubai-based Zedx DMCC was also targeted after the Treasury said it acted on behalf of Zedcex, including in relation to exchange wallets. OFAC additionally designated Mehdi Rezazadeh, chairperson of Zedpay, and Sukhrob Oimakhmadov, manager of Zedx.

Another targeted company, Dubai-based BZ Diamond FZCO, is managed by Zanjani’s sister, Bahareh Morteza Zanjani. Treasury said the diamond company supported Zedxion-related digital asset activities by promoting its non-fungible token marketplace, offering a token on the Zedxion blockchain and conducting transactions involving Zedxion and Zedcex wallets. Bahareh Morteza Zanjani was designated for her role at BZ Diamond, while Solmaz Bani, identified by Treasury as Zanjani’s significant other, was sanctioned for providing support to his companies, including registering company websites.

The latest action follows earlier sanctions against Zanjani and his two digital asset exchanges in January 2026. Treasury said Zanjani had previously been sentenced to death in Iran in 2016 over allegations that he embezzled millions of dollars from the US-sanctioned National Iranian Oil Company, before his sentence was commuted in 2024. Treasury said Zanjani later returned to Iran’s business sector, promoting projects under the Dot One brand, including an April 2025 rail contract worth $800 million with Iran Railways. The department said companies linked to the conglomerate later attempted to distance themselves from his involvement as scrutiny increased.

Source: FSX Business News