WASHINGTON - A much hyped fear of expansion of Irans influence into Latin America, which some in US believed threatened American interests in region, turned out to be without any basis, according to The Washington Post. Despite warnings from US Secretary of State Hillary Clinton that Iran was building a huge embassy in Managua, no evidence of such a building could be found by local reporters scouring the capital, the Post reported Monday. There is no huge Iranian Embassy being built as far as we can tell, an unnamed US diplomat in Managua conceded. Nicaraguan Chamber of Commerce chief Ernesto Porta laughed and said: It doesnt exist. Nicaraguan officials also told the newspaper that warnings that Tehran was proposing huge investments in the Central American country such as a deep-water port and hydroelectric plants have also failed to pan out as analysts say the Islamic republics oil revenues have flattened. It perhaps suggests the Iranians are talking about investments and influence that they dont yet have, State Department spokesman Crowley told the newspaper. But they are certainly feeling their oats, and they are certainly trying to exploit opportunities where they think they exist. (Iranians) havent invested anything. They havent built anything, Bayardo Arce, a senior economic adviser to Nicaraguan President Daniel Ortega, told the newspaper. Last month, Congresswoman Connie Mack, a pro-Israeli Republican, even told reporters in a call organized by the Israel Project that the growing influence of Iran in the Western Hemisphere reminds me of the relationship between Russia and Cuba when we dealt with the Cuban missile crisis. It is not clear where the report of the embassy in Managua began. But in the past two years, it has made its way into congressional testimony, think tank reports, press accounts, and diplomatic events in the United States and elsewhere.