Accused of 'embezzling billions of dinars'

International Development Bank branch director arrested on embezzlement charges

BAGHDAD — The Federal Commission of Integrity on Saturday announced the arrest of the International Development Bank’s director at the Maysan branch, accused of embezzling over 6.7 billion dinars.

In a statement, the commission said, “The Federal Commission of Integrity executed an arrest warrant for the International Development Bank’s Maysan branch director due to allegations of embezzling billions of dinars.”

The commission’s Media and Communication Office explained that collaboration between the commission and the Iraqi Intelligence Agency facilitated the director’s arrest in Baghdad, based on Paragraph 315 of the Iraqi  Penal Code, which states: “Any public official or agent who embezzles or conceals funds…is punishable by imprisonment.’ The penalty escalates to life imprisonment or a term of years for certain officials, including tax collectors and trustees, when embezzlement involves funds entrusted to them in their official capacity.”

The director allegedly embezzled 6,771,010,000 ($4.6m) Iraqi dinars with assistance from the bank’s vault cashier and was implicated with the branch’s assistant director and two cashiers. They reportedly withdrew 3,385,000,000 Iraqi dinars and transferred it to unknown individuals.