Iran arrests 'Sultan of Coins' suspected of hoarding gold

Iranian state TV says police have arrested a man who was hoarding two tons of gold coins in order to manipulate the market.

The Wednesday report quotes Tehran police chief Gen. Hossein Rahimi as saying the 58-year-old suspect had accomplices who helped him collect the coins over the past 10 months. He did not identify the suspect, who state media referred to as the "Sultan of Coins."

Two tons would be the equivalent of around 250,000 coins.

Iranians have stocked up on gold coins and other safe haven investments as the local currency has plummeted in recent months. The Iranian rial has plunged to 90,000 to the dollar — double the government rate of 42,000.