Over the course of his life, Yazdani had seven children—four sons (Kiyomars, Nader, Kaveh, Afshin) and three daughters (Leyli, Nasrin, Katayoun). As his wealth grew, Yazdani strategically transferred shares of his businesses—including factories, farms, and industrial operations in regions such as Sangsar, Gorgan, Zarand, Saveh, and Tehran—to his children. This was partly a tax-avoidance tactic, shielding assets from direct state scrutiny.
Rise to Economic Power
By the mid-1960s, Iran was undergoing rapid economic modernization under Mohammad Reza Shah Pahlavi’s “White Revolution.” Infrastructure, industry, and finance were expanding at unprecedented rates, and privatization opened opportunities for well-connected entrepreneurs.
Yazdani seized this moment. His real leap into prominence came through the banking sector. During the 1960s and 1970s, he acquired substantial shares in major Iranian banks, including Asnaf Bank, Tejarat Bank, Bank Iranian, and Bank Saderat.
What made his acquisitions controversial was not just the scale, but the methods. According to various accounts, including historian Abbas Milani, Yazdani’s empire was built with the backing of influential figures such as General Nematollah Nasiri (head of SAVAK and fellow Sangsari), Dr. Abdolkarim Ayadi (the Shah’s personal physician), and Parviz Sabeti (a senior SAVAK official).