Integrity Commission foils nearly $1 billion fraud attempt at Baghdad state banks

BAGHDAD — Iraq’s Federal Integrity Commission said Thursday it had foiled an attempt to fraudulently cash nearly 1.5 trillion dinars ($986.8 million) from Rafidain and Rasheed banks in Baghdad, arresting three suspects found in possession of seven forged checks.

The commission said its Baghdad Investigation Directorate team moved to Rafidain Bank’s general administration after follow-up and investigation, where the suspects were arrested. Preliminary investigations found that “such sums and accounts belonging to the suspects did not exist,” with the forgery detected through coordination with Rafidain Bank’s management.

Authorities also seized an original contract for the sale of a deposit in the name of one of the suspects worth 612 billion dinars ($402.6 million). The suspects “confessed to attempting to process the check cashing transaction in violation of the law,” the commission said.

The case was presented to the judge of the Karkh Second Investigation Court, which handles integrity cases, who ordered the suspects detained pending investigation. The operation was carried out under Articles 298 and 289 of the Iraqi Penal Code.