Iraq stops $1B+ state bank fraud scheme
2026-05-28T10:43:45+00:00
Shafaq News- Baghdad
Iraq’s anti-corruption authorities have blocked an attempt to siphon 1.5 trillion Iraqi dinars ($1.15 billion) from two state-owned banks, Rafidain and Rasheed, the Federal Commission of Integrity reported on Thursday.
Described as one of the largest financial fraud schemes uncovered in recent months, the operation involved a three-member network accused of attempting to cash seven forged cheques, along with a sales contract valued at 612 billion dinars (about $470 million).
Authorities have detained the suspects.
Iraq has recovered nearly one trillion dinars (about $770 million) in public funds over the past year through judicial action targeting dozens of senior officials, including ministers.
