Investigations by Reuters and risk consultancy 240 Analytics uncovered thousands of secret agencies that share a single Ministry of Defense address while masking their operations behind shell companies. These entities primarily supply the Islamic Revolutionary Guard Corps with vital drone and missile components sourced from nations including China, Russia, and Germany. Records further reveal that the phone numbers of 91 entities connect directly to bank accounts held by IRGC personnel, including commanders accused of human rights abuses by the United States.
Key points
The covert procurement network was largely established around 2013 to counteract severe e…: The covert procurement network was largely established around 2013 to counteract severe economic pressure from international sanctions.
Revenue generated from illicit oil sales serves as the primary funding mechanism for the…: Revenue generated from illicit oil sales serves as the primary funding mechanism for the foreign shell companies.
Direct financial ties link dozens of the procurement entities to IRGC commanders facing U…: Direct financial ties link dozens of the procurement entities to IRGC commanders facing United States human rights abuse allegations.
Sources checked by our analysis pipeline: 1
Hidden behind names starting with the letters MOD, for the Ministry of Defense, are more than 5,000 agencies that form a formidable financial and military machine. Their financial footprints are on bills of lading and other shipping data dating back to 2016. Some are tied to the Islamic Revolutionary Guard Corps and to business conglomerates known as bonyads that are controlled by Iran's elite.
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In the 18 months from January 2025 to June 2026 - including four months into this year's war - a single one of these agencies, MOD 346428, imported huge quantities of rocket propellants, explosives and weapons components that are critical for making drones and missiles, as well as heavy-duty trucks that can serve as missile launchers. The hardware came in by land, sea and air - much of it recorded as originating in China, Russia and…
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