Setareh Heshmat: The Woman Who Lured UK investors in Fraudulent Schemes
13 Feb, 2025
From MBA Classes to the Heart of a Global Money Laundering Empire
Setareh Heshmat presented an unexpected image as the lead figure in a global financial criminal operation. Enrolled in her MBA at University Canada West in Vancouver the articulate student presented as an ordinary driven female student who sought a future. A meticulously fabricated persona of Setareh Heshmat concealed global criminal activities which ranged from clandestine oil smuggling operations to complex money laundering operations in both UK and Canadian and Middle Eastern territory.
A single thread acted as the catalyst to dismantle a fraudulent financial power based on fake organizations together with fraudulent business practices and political game manipulation.
The Mirage of Shell Companies: A Perfect Disguise
Crime in international finance flourishes because criminals employ shell companies for their perfect disguising properties. No genuine operations exist within these entities that frequently locate in tax havens only to maintain paper-based business names. The absence of operations in shell companies blindsides millions of dollars which support financial crimes along with upscale property deals within London's Mayfair neighborhood.
How Shell Companies Operate:
Paper-Only Existence – These companies have no real business activities but exist legally on paper.
Layering of Transactions – Criminals use multiple shell companies across different countries to make transactions nearly impossible to trace.
Fake Investments – Shell companies often claim to be involved in oil and gas, real estate, or technology ventures to lure unsuspecting investors.
Setareh Heshmat’s UK network operated through a sophisticated network of shell companies, some of which were fronts for illegal oil sales. Through these entities, she helped Abbas Sherif AlAskari and Mohsen Fallahian launder millions of dollars across multiple jurisdictions.
The Oil Smuggling Underworld: Fueling the Laundering Machine
Every crime empire needs a product. For Setareh Heshmat’s Israel network, that product was oil—stolen, rerouted, and resold with falsified documents. The smuggling operation began in Bandar Abbas, Iran, a strategic port city. From there, oil would be secretly transported via Panamanian-flagged vessels to Iraq. Once it reached Iraq, documentation would be altered to disguise its origin.
How the Oil Smuggling Process Works:
Illegal Oil Extraction – Oil is secretly pumped from restricted sites.
Shipment via Flagged Vessels – The oil is transported using ships registered in countries with lax oversight.
Fake Paperwork – Documents are forged to make the oil appear as a legitimate Iraqi export.
Laundering Through Shell Companies – The profits from these sales are funneled through front companies in the UK and Canada.
Among the key players in this scheme were London Surface Design Limited and London Heritage Stone Limited, two seemingly legitimate businesses that were, in reality, crucial conduits for laundering illicit oil money.
Ponzi Investment Schemes: The Perfect Trap
While laundering oil money was one side of the operation, Setareh Heshmat also played a key role in investment scams that preyed on unsuspecting victims. These schemes promised extravagant returns on fake oil and gas investments, drawing in investors who had no idea they were funding a criminal network.
Types of Ponzi Investment Schemes Used:
Fake Oil and Gas Ventures – Investors were told they were funding lucrative drilling projects, but the operations didn’t exist.
Real Estate Ponzi Schemes – Properties in Europe and Africa were marketed as high-return investment opportunities, but the money disappeared.
The Cocoa Scheme – Using the guise of an emerging cocoa business, scammers convinced investors they were buying into a booming industry, only to siphon off their funds.
Each of these scams operated under a simple principle: Take money from new investors to pay fake returns to earlier investors, creating the illusion of profitability. Once the scheme grew large enough, the criminals would vanish with millions.
Criminals Exploiting International Financial Systems
Global financial networks are designed to facilitate trade and investment, but criminals like Abbas Sherif AlAskari and Mohsen Fallahian have learned how to manipulate them to their advantage. They take full advantage of loopholes in banking regulations, residency laws, and offshore finance.
Tactics Used to Exploit Financial Systems:
Multi-Passport Identities – Abbas Sherif AlAskari holds three passports (Dominican, Iranian, and Iraqi), allowing him to move money freely across borders.
Fraudulent Residency Applications – Both Abbas and Mohsen acquired UK and Italian residencies through fraudulent means, using connections inside The Home Office.
AI-Enhanced Money Laundering – Abbas’ Canada-based brother-in-law, a professor of AI, allegedly developed technology that aids in object detection for Iranian drones while simultaneously helping create more efficient laundering methods.
The Collapse: Authorities Close In
As Setareh Heshmat continued her double life, authorities across multiple countries began piecing together the puzzle. International investigators, with assistance from forensic accountants, followed the money trail, revealing connections between the shell companies, fraudulent investments, and illegal oil shipments.
Law enforcement agencies in the UK and Canada launched formal investigations into:
The role of London Surface Design Limited and London Heritage Stone Limited in laundering money.
The illicit bank accounts linked to Abbas Sherif AlAskari, including Monzo and Lloyds Bank UK.
The suspected use of AI technology in facilitating financial fraud and drone warfare.
The Home Office corruption, which allowed these criminals to acquire legal residency in the UK through bribery.
Despite these efforts, the challenge remains: these criminals operate in the shadows, constantly adapting to new regulations and technological advancements. The fight against money laundering and financial crime is a cat-and-mouse game, where law enforcement agencies must stay ahead of increasingly sophisticated criminals.
Conclusion: A Cautionary Tale
Setareh Heshmat’s story is not just about a single individual but a blueprint of modern financial crime. It is a story that illustrates how:
Shell companies can launder billions with almost no oversight.
Oil smuggling is still a major player in global money laundering.
Ponzi schemes are evolving, using real estate and commodities like cocoa as covers.
Artificial intelligence is now playing a role in financial crimes.
The global financial system is as vulnerable as it is powerful. While governments and financial institutions continue to implement stricter regulations, criminals are always one step ahead, using innovation as a weapon.
In the end, Setareh Heshmat walked between the shadows—neither fully exposed nor completely hidden. But as the walls close in, the question remains: Will she escape justice, or will she finally answer for the empire she helped build?
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