National Ponzi: Ayandeh Bank collapse lays bare Iran’s deep rot
The collapse of Iran’s Ayandeh Bank resembles a national-scale Ponzi scheme, exposing how reckless lending, political patronage, and failed mega-projects drained public wealth. Ayandeh survived on illusion — paying old investors with new deposits while building an empire of glass and marble called Iran Mall. Earlier this week, Iran’s Central Bank ordered its liquidation into the state-owned Bank Melli, the country’s largest financial institution. Built on sand Founded in 2010 by businessman Ali Ansari, Ayandeh emerged from the merger of his Bank Tat with several smaller institutions. Within a few years, it shook up Iran’s banking sector by offering interest rates roughly four percentage points higher than those allowed by the Money and Credit Council. The strategy drew millions of depositors and rapidly expanded its market share; by 2017, Ayandeh held 7.6 percent of all deposits in Iran’s banking system. Beneath that success lay a web of risky loans and inflated promi...