An investigation conducted by Reuters and published on Thursday revealed that Iran established a wide network of secret military and financial entities comprising more than 5,000 entities linked to the Ministry of Defense, used to import military equipment, explosives, rocket components, and heavy trucks valued at no less than $2 billion since January 2025, in violation of Western sanctions and the US naval blockade.
The investigation clarified that the names of these entities begin with the abbreviation "Wadja," which refers to the Iranian Ministry of Defense, and that they form an interconnected financial and military system whose activities could be tracked through banking records and import documents dating back to 2016. Some of these entities are linked to the Islamic Revolutionary Guard Corps and quasi-governmental economic institutions known as "Bonyads."
The investigation relied on thousands of Iranian banking and government records, company registration documents, and import data, revealing an international network that uses shell companies and foreign intermediaries to purchase equipment and deliver it to Iran by land, sea, and air. Among the network was an entity bearing the number "Wadja 346428," which imported military equipment, rocket fuel components, explosives, weapon parts, and heavy trucks that can be used as mobile missile launch platforms between January 2025 and June 2026.
Former US Treasury official Mihad Maleki stated that what the documents revealed represents the military lifeline of Tehran, explaining that the network forms a parallel trade system to the official global economy, enabling Iran to purchase military equipment using oil revenues and external financial activities. Import data showed that approximately 97 percent of transactions were conducted without money transfers, where Iranian intermediaries abroad purchased goods with funds deposited in foreign banks and then arranged their shipment to Iran, helping to evade sanctions-related oversight.
The investigation noted that units benefiting from this network include entities responsible for ballistic missile and drone programs, as well as the US-sanctioned company "Sahra Tender." Databases also showed shipments containing detonators, explosives, aircraft engine parts, rocket fuel components, and heavy launch vehicles. Despite strikes targeting facilities linked to Iran's military industries during the war, supplies continued to arrive from abroad via cargo ships.
Records also showed that military imports valued at $27 million were registered since the outbreak of the US-Israeli-Iranian war at the end of last February. Through document analysis, Reuters and "240 Analytics" were able to trace the network to thousands of accounts linked to the Iranian Ministry of Defense. Records revealed that dozens of entities held foreign deposits totaling $1.2 billion by the end of 2024.
According to commercial records, the entity "Wadja 346428" alone imported equipment and supplies valued at $2.3 billion between January 2025 and June 2026. Imports included hundreds of Iveco trucks and thousands of Toyota Hilux and Land Cruiser vehicles modified for military use by the Islamic Revolutionary Guard Corps and its allied groups.
Experts consulted by Reuters confirmed that the data reflects Iran's ability to rebuild and expand its arsenal of drones and missiles despite sanctions and restrictions. The investigation also clarified that this network is not limited to military imports but is linked to influential economic, propaganda, and security institutions within Iran, enhancing its ability to secure the necessary funding and logistics to continue arms programs during the war and international pressure.
Source: Syrian Arab News Agency (SANA)
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