The Shadow Business Empire of Iran's New Supreme Leader: Oil, Real Estate, and Financial Undercurrents

Author: Zen, PANews

In the face of external attacks and a leadership vacuum, and under pressure from the Islamic Revolutionary Guard Corps (IRGC), the Iranian Council of Experts has decided that Mojtaba Khamenei, son of the assassinated Supreme Leader Ali Khamenei, will become Iran's third Supreme Leader.

Those unfamiliar with Iranian politics may never have heard of Mojtaba, which is not surprising. Even within Iran, he has long remained out of the public eye. He has never come to power through elections, nor has he been formally appointed to any government position, and he has consistently acted in a mysterious and low-key manner. Since the deaths of his father and wife, this figure, considered by many to be a leading candidate for Supreme Leader, has not made a public appearance.

US President Trump is clearly dissatisfied with Iran's new Supreme Leader. He previously stated that while Mojtaba was the most likely successor, the outcome was unacceptable to him. Trump also dismissively remarked, "They're wasting their time. Khamenei's son is an insignificant figure." He added that the new leader would not last long without his prior approval.

Mojtaba may not be the decisive factor in the face of military pressure from the US and Israel. But within Iran, this man who has long avoided the spotlight has actually always been at the center of power.

In addition, an investigation published by Bloomberg earlier this year also brought Mujtaba's hidden business empire to the forefront: a cross-border real estate network that allegedly operates through intermediaries and covers London, Dubai, Frankfurt and Mallorca, with cryptocurrency also serving as an important medium for its capital flows.

Mujtaba: From Behind the Scenes to the Forefront

Mojtaba Khamenei was born in Mashhad, Iran in 1969, and is the second son of Iran's Supreme Leader, Ali Khamenei. As the son of the Supreme Leader, Mojtaba's public identity is that of a mid-level cleric, and he has long maintained a low profile, rarely appearing in public or speaking out.

On the surface, Mujtaba spent his entire life outside the government and never held any official position. However, he actually maintained close ties with the center of power, or rather, he was at the center of power for a long time.

In 2019, the U.S. Treasury Department announced sanctions against Mujtaba, stating that he had never been elected or appointed to a government position, yet acted on behalf of the Supreme Leader in an official capacity. The statement also mentioned that Mujtaba was entrusted with some leadership responsibilities by Khamenei and worked closely with the commander of the Quds Force of the Islamic Revolutionary Guard Corps (IRGC-QF) and the Basij resistance.

According to Iran International, Mojtaba has been Khamenei's closest advisor for at least two decades, effectively controlling the Supreme Leader's Office. As Iran's highest authority, the Supreme Leader's Office combines elements of the traditional religious institution, the "Bet" (the office of the religious authority "Marja"), with a bureaucratic structure, controlling the nation's lifeline: key security, political, and financial levers. Mojtaba, meanwhile, has remained a hidden figure within the Supreme Leader's Office, acting as his father's gatekeeper and power broker.

During the Iran-Iraq War in the 1980s, Mojtaba served in the Habib Battalion of the Islamic Revolutionary Guard Corps, and many of his comrades later rose to senior positions in Iran's security and intelligence agencies. These wartime relationships laid the foundation for the long-standing connections Mojtaba cultivated within Iran's security apparatus.

As a central figure in Tehran's power structure, Mujtaba, operating largely behind the scenes, maintained close ties with the Islamic Revolutionary Guard Corps (IRGC), thereby consolidating his influence within the regime. In 2009, Mujtaba orchestrated election fraud, helping then-President Mahmoud Ahmadinejad secure a second term. This sparked protracted protests that escalated into a nationwide movement against the government and the Supreme Leader. Subsequently, Mujtaba spearheaded the crackdown on the post-election protests, dubbed the "Green Movement."

For years, Mojtaba was considered a potential successor to Khamenei. Former Iranian Prime Minister Mir Hossein Mousavi, who was under house arrest, stated in a 2022 collection of writings: "Rumors about a son plotting to inherit his father's throne have been circulating for thirteen years. If this isn't true, why doesn't anyone deny it?" Subsequently, former Iranian President Ibrahim Raisi, who was once considered a contender alongside Mojtaba in the "finals," died in a helicopter crash in 2024.

Therefore, for Iran, which is in a state of war, especially for the core circle of the regime composed of hardline politicians and security agencies, it is a natural thing to put Mojtaba, who has both legitimacy and control, into power.

Building a global real estate empire

Mojtaba, who has established a strong influence in the political, security, and religious institutions of the Iranian regime, has a more covert control and domination over financial networks.

In January of this year, Israel's Channel 14 claimed, citing a source familiar with the economic activities of the Iranian Revolutionary Guard, that Iranian leaders transferred $1.5 billion in cryptocurrency to escrow accounts in Dubai within two days, and that Mojtaba was one of those involved in these transfers.

The Khamenei family has always been portrayed by Iranian officials as living a simple and devout life, showing no signs of extravagance. However, according to a year-long investigation by Bloomberg, Mojtaba's hidden vast wealth contradicts his professed image of piety. As one of the most powerful figures in Iran and the Middle East, Mojtaba possesses a vast investment empire.

It is estimated that despite US sanctions imposed on him in 2019, Khamenei continued to channel billions of dollars into Western markets through his vast business network. Sources familiar with the matter revealed that Mujtaba's wealth encompassed a wide range of assets, from Persian Gulf shipping and Swiss bank accounts to luxury hotels in Europe and over £100 million (approximately $138 million) worth of luxury real estate in the UK. The sources stated that the funds used to acquire these assets primarily came from Iranian oil sales.

However, Bloomberg's review of all documents revealed that these assets were not registered in Mojtaba's name, but were purchased and held by an Iranian businessman named Ali Ansari. "Analyzing his (Mojtaba's) financial network, you'll find that Ali Ansari is his primary account holder. This makes Ansari one of the most influential oligarchs in Iran today," said Farzin Nadimi, a senior fellow at the Washington Institute for Near East Policy who has studied the Khamenei family's financial empire.

Ansari, 57, was identified by British authorities last year as a "corrupt Iranian banker and businessman" and sanctioned for "funding" the activities of Iran's Islamic Revolutionary Guard Corps (IRGC). Within Iran, Ansari's vast business network has made him one of the most prominent private entrepreneurs.

It is said that when Ansari was young, his father joined a reconstruction committee funded by the Supreme Leader's office, responsible for repairing religious sites. This work allowed Ansari's father to meet high-ranking clerics, including members of Khamenei's inner circle. Furthermore, Ansari enlisted in the army near the end of the Iran-Iraq War, forging a "comradeship" with Mojtaba, the son of then-President Khamenei. At Ansari's father's funeral in June 2025, the presence of the Supreme Leader's family and senior advisors highlighted the continued close relationship between the Ansari family and the Iranian leadership.

Following the Iran-Iraq War, Ansari gradually rose to prominence as an Iranian entrepreneur. He founded TAT Bank in 2009, and later, in 2013, through a merger, established Ayandeh Bank. According to Ansari's vision, the bank officially began construction in 2018 on a luxury shopping mall called the "Iran Mall." The Iran Mall, touted as the world's largest shopping mall, set a Guinness World Record for the longest continuous concrete pouring during its initial construction phase.

Last year, Ayand Bank collapsed due to mounting debt, allegations of insider lending and Ponzi schemes, and controversy stemming from its close political ties with officials. It was subsequently merged into the National Bank of Iran. Publicly, Ansari was Ayand Bank's major shareholder. However, sources familiar with the matter revealed that Mojtaba was a key figure in Ayand Bank's operations and shopping mall projects. It is alleged that Ansari met privately with Mojtaba in upscale Tehran residential areas and held numerous secret meetings using Ayand's offices.

According to sources familiar with the matter, as Ansari's business empire expanded within Iran, his role as Mojtaba's financial conduit overseas became increasingly significant—he established banking relationships throughout Europe and transferred oil export profits through a complex network of companies in the UAE. According to US officials and sources, sanctions have forced much of the National Iranian Oil Company's (NOC) crude oil trading into opaque channels involving shell companies, intermediaries, and informal traders.

Through its complex corporate network, the Ansari Group has built a vast real estate empire overseas. Bloomberg has tracked down the network to find over a dozen properties in London alone, as well as numerous five-star hotels in Frankfurt, Germany's financial center, and Spain.

“The Iranian government is trying to gain a foothold in the German financial system,” said Nargis Eskandari-Grunberg, Frankfurt’s deputy mayor, who was born in Tehran and has long been a critic of the leadership of the Islamic Republic of Iran. “They are abusing our system.”

The struggle for the Supreme Leader position has intensified the power struggle in Iran.

From political and military influence to the establishment of a financial network, Mujtaba has secretly made all the preparations to inherit the supreme leadership.

However, Mujtaba, who has long been out of the public eye, also faces dissent. According to Iran International, a group of opponents contacted the National Assembly president and members of the leadership council last Wednesday, warning that Mujtaba's succession could trigger public concerns about hereditary leadership and the Islamic Republic becoming like a monarchy.

A member of parliament, speaking in a call with the president and parliamentary leadership, stated, "Ayatollah Ali Khamenei disapproved of the idea of ​​his son holding a leadership position and never allowed the issue to be raised during his lifetime." Furthermore, other members argued that Mujtaba lacked established, public religious and legal standing, therefore his selection as the Supreme Jurist of the State (Vali-ye Faqih) lacked religious legitimacy. These opposing representatives called for Mujtaba's withdrawal, threatening to deem the election process "invalid" otherwise.

Amid growing disagreements and deadlock in reports, Iran's Expedient Judgment Council decided to suspend the operations of the Assembly of Experts (the constitutionally designated body responsible for electing the Supreme Leader) and transfer power to a provisional leadership. According to Article 111 of the Iranian Constitution, this shift elevates Iranian President Masoud Pezeshkian to the level of Supreme Leader, granting him many of the powers of a Supreme Leader, including command of the armed forces.

But Pezeshkian clearly lacked the ability to control the situation. On March 7, the Iranian president claimed that the interim leadership council had approved no attacks or missile strikes against neighboring countries. However, several Gulf states were still subjected to drone strikes. After being criticized by other hardline Iranian leaders, Pezeshkian retracted his apology.

Clearly, the Iranian Revolutionary Guard Corps continues to play a central role in the war and domestic politics, and is deeply involved in the selection and determination of the successor to power. Despite constitutional sensitivities and resistance from some religious institutions, the organization remains firmly in support of Mojtaba. According to sources, the Guard commander has been directly contacting and lobbying members, exerting pressure and threats in an attempt to persuade opposition representatives.

For Mujtaba, starting from the ruins of his father's era, this new leader, long known as a hardliner, may find it even more difficult to reach any compromises after the deaths of his father and wife in an airstrike.

However, since Israel and the United States view threatening successors as "clear targets for elimination," Mujtaba faces greater risks if he insists on the Islamic law of "an eye for an eye" (qisas); but if he accepts Trump's request to make a policy shift, it would mean abandoning his father's 37-year political legacy.

Today, the Islamic Republic of Iran, mired in war and economic crisis, stands at a crossroads. For the Khamenei family, who have long held power, time seems to be the scarcest commodity for the first time in forty years.