Setareh Heshmat: Running a Network of Ponzi Schemes across the Middle East

Setareh Heshmat remains relatively unknown to the public yet her work as a money laundering operator and financial fraud facilitator connected to a wide spread network of criminal operations has brought serious concerns to global investigators. A disturbing financial picture develops through Authorities' investigation of the financial relationships between Setareh Heshmat, Abbas Sherif AlAskari and Mohsen Fallahian, which includes Ponzi schemes and shell companies and advanced money laundering methods.

Israel fights Hamas while tensions against Hezbollah surge and maritime attacks ramp up in the Red Sea making illicit money transfers an increasingly vital concern. People must understand how these financial criminal operations function as they directly fund warfare and terrorism activities and organized crime rings since global conflicts have intensified.

Why Do People Fall for Ponzi Schemes?

Ponzi schemes remain one of the all-time oldest financial scams even though numerous people still get tricked by them. The alleged crime ring led by Abbas Sherif AlAskari, allegedly defrauds investors through false promises of gaining high returns from oil deals as well as investments in gas properties together with gold acquisitions and real estate purchases.

Here’s how these scams work:

1. Promise of High Returns – Fraudsters lure investors with the promise of substantial profits.

2. The scheme pays first investors by using capital from incoming investors entering the system.

3. The fraudster triggers exponential growth in the scam when new investors arrive but then absorbs a large amount of the incoming funds while utilizing newly invested money to settle existing debts. A decline in recruitment leads to the demise of such financial schemes.

Abbas fraudulently offered market access to prosperous African and Middle Eastern regions through his phony investment scheme as part of money laundering. The victims state that after making their investment they lost all their funds permanently.

How Shell Companies Hide Dirty Money

A key element of these financial crimes is the use of shell companies—businesses that exist only on paper but serve as vehicles for illicit transactions. Setareh Heshmat, who is linked to Abbas Sherif AlAskari’s UK network, is believed to play a role in laundering money through such entities.

How Shell Companies Work:

  • Fake Business Operations – Companies like London Surface Design Limited and London Heritage Stone Limited appear legitimate but have no real revenue-generating activities.

  • Moving Illicit Money – Funds from illegal sources are funneled into these companies as "investments" or "business expenses."

  • Complex Ownership Structures – These firms are registered under multiple layers of ownership across different countries to obscure their true owners.

  • Integration into the Legal System – By slowly introducing illicit funds into the banking system, the money appears clean.

Abza Group Ltd., a company registered by Abbas Sharif Askari’s UK network, is suspected of using these tactics. Despite being based in the UAE, his Dominican passport allows him to move funds freely across Europe, using shell companies to avoid detection.

The Three Stages of Money Laundering: Placement, Layering, and Integration

Money laundering is not just a single act but a multi-step process designed to disguise the origins of dirty money.

1. Placement: Moving Illicit Funds into the System

This is the first stage, where illegal money enters the financial system. Common methods include:

  • Smuggling cash across borders – Money is physically moved in bulk (e.g., using shipping routes through the Red Sea).

  • Depositing into shell companies – Fake business transactions help justify the deposits.

  • Gambling or casinos – Money is funneled through legal gaming operations.

In Abbas Sherif AlAskari’s case, his oil smuggling operation through Iraq involved falsifying documents to disguise Iranian oil as Iraqi. These transactions moved millions of dollars into his accounts without raising red flags.

2. Layering: Concealing the Origin of the Money

Layering is designed to make the money trail difficult to trace. Techniques include:

  • Multiple bank transfers – Moving funds through accounts in different countries (UK, UAE, Canada).

  • Cryptocurrency transactions – Digital assets are used to anonymize transactions.

  • Fake invoices and trade deals – Shell companies create paperwork to make transactions appear legitimate.

Abbas AlAskari reportedly has bank accounts with Monzo Bank and Lloyds Bank in the UK, which are suspected of being used to shuffle money between accounts before moving it to different jurisdictions.

3. Integration: Using ‘Clean’ Money in the Real Economy

At this stage, the money re-enters the legitimate economy. This can involve:

  • Real estate purchases – High-value assets like apartments in London or Vancouver.

  • Luxury goods and cars – Expensive watches, private jets, and yachts.

  • Investing in new businesses – Buying into legitimate companies to mix legal and illegal funds.

One key figure in this network is Setareh Heshmat, who is studying for an MBA at University Canada West in Vancouver. Her tuition fees, living expenses, and lifestyle are allegedly funded by laundered money from Abbas Sherif AlAskari.

Illegal Networks and Global Ties: How Financial Crimes Fund Terrorism

The importance of financial crimes isn’t just about fraud—it’s about where the money goes. These funds often end up financing armed groups and terrorism.

Connections to Middle Eastern Conflicts

  • Hamas and Hezbollah have long been accused of using illicit financial networks to fund their operations in Israel, Lebanon, and Gaza.

  • Iran-backed smuggling – Iranian oil, once disguised as Iraqi, is sold to fund Iran’s regional proxy wars, including conflicts in Yemen (Houthis), Syria, and Lebanon.

  • Houthis and the Red Sea attacks – Money from oil sales allegedly funds Houthi attacks on shipping vessels like the Tanker Sounion in the Red Sea.

Fake Identities, Fraudulent Residencies, and Diplomatic Loopholes

One of the most shocking aspects of this operation is how key players have used fake identities and fraudulent residency applications to operate globally.

Key Examples:

  • Abbas Sherif AlAskari holds three passports (Dominican and Iranian with the name of Abbas Sherif AlAskari, and Iraqi with the name of Abbas Ali Sharif AlAskari), allowing him to travel undetected.

  • Mohsen Fallahian secured illegal residency in Italy, using fake documents.

  • Residency fraud in the UK – Abbas and his sister allegedly obtained UK residency through corrupt contacts in The Home Office.

  • Academic fraud in Canada – Abbas’ sister, Soraya, is believed to be laundering money through academic and tech investments.

Final Thoughts: The Urgent Need for Global Crackdowns

The revelations surrounding Setareh Heshmat, Abbas Sherif AlAskari, and Mohsen Fallahian highlight how financial fraud and money laundering are not just crimes—they have real-world consequences. These crimes fuel war, fund terrorist organizations, and destabilize regions already torn apart by conflict.

With the Israel-Hamas conflict, Red Sea tensions, and Iranian-backed attacks escalating, cracking down on illicit financial networks is more crucial than ever. This is not just about fraud—it’s about global security.

Explore More Articles-

Setareh Heshmat: How Her Criminal Network Operates across Israel, Iran, and the UK

Setareh Heshmat: The MBA Student with a Dark Financial Trail

Setareh Heshmat: The Silent Partner in UK’s Financial Crime Syndicate

SetarehHeshmat: Modern Financial Fraudster at Work in the UK

Setareh Heshmat: Beauty Meets Deception and Frauds in Israel and Across Borders 

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