TEHRAN, Iran — Iran has executed a businessman convicted of fraud, bribery and embezzlement.

State TV reported that Hamid Reza Bagheri Dermani was hanged Saturday. The Supreme Court in November upheld his October death sentence and conviction on a charge of spreading corruption on Earth. He was also ordered to pay a more than $100 million cash fine.

"Spreading corruption on Earth" is the highest crime under Iran's Islamic law and it carries a mandatory death sentence.

Dermani went on trial in August after being charged with forming a network of dummy companies to receive a large number of loans and buying government companies on a privatization list.

In August, Iran established special courts to deal with crimes involving suspected financial corruption.