The plane was flying back to Istanbul from Sharjah, UAE.
According to the Sharjah civil aviation authority, there were eight passengers on board the plane - six from Turkey and two from Spain - as well as three crew members.
Mojtaba Khaledi, the spokesman of the National Disaster Management Organization of Iran, said the plane hit a mountain near Shahrekord and burst into flames.
Days ago, the plane was carrying a bachelorette party for Dubai, although it was not clear who was on the plane at the time of the crash.
The business jet went down in the Zargos mountains, about 400 kilometers south of Tehran.
Local residents who had reached the site of the crash said there appeared to be no survivors and victims' bodies were burnt, ISNA news agency reported. Officials said that the identification of the bodies will be possible after DNA test.
Flight-tracking website FlightRadar24 writes the plane gained altitude and within minutes dropped drastically.
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Turkey's private Doğan News Agency identified the plane as a Bombardier CL604, tail number TC-TRB.
Mr Basaran is the chairman of Basaran Investment Holding, said to be the owner of the private jet involved in the crash. "Clutching a bouquet of flowers, she wore a pair of fluffy pink ears on her head and a denim jacket decorated with an image of an engagement ring and the words "Mrs Bride" and "#bettertogether". In another picture, she holds heart-shaped balloons inside the plane.
Turkish media reports said Mina Basaran was to marry her fiance Murat on April 14 at the Ciragan Saray, an Ottoman-era palace by the Bosphorus and one of the most prominent wedding venues in Turkey.
Mina Basaran was the eldest of his two children, and Mina Towers - one of Istanbul's biggest construction projects - was being handled by Basaran's company and was named after his daughter, CNN Turk reported.
Families of the victims arrived Monday in Shahr-e Kord, accompanied by Turkish diplomats, IRNA reported.
A video posted to her account showed the friends at a Rita Ora concert in the city.
After learning that the private Turkish plane crashed in Iranian territory on Sunday evening, the GCAA sent out a tweet extending its honest condolences to the families of the victims on board.