IQD 926bn (about $700m) embezzled at branches of Rasheed Bank and the Agricultural Cooperative Bank (announced June 2022)
On 9 June 2022 the Federal Integrity Commission announced, after a three-year probe, that IQD 926bn (about $697m) had gone missing through forgery, embezzlement, manipulation, money laundering and abuse of position at a Maysan branch of the Agricultural Cooperative Bank and four Rasheed Bank branches in Maysan and Baghdad, implicating more than 40 people (employees and customers). The Commission called it organised sabotage of the national economy.
- Period
- From 2019 to June 2022
- Sector
- Banking, currency and dollar auctionState-owned banks, loans and accounts
- Kind of case
- Criminal prosecution
- Jurisdiction
- Federal Iraq
How the money moved
Fictitious or inflated loans and manipulated accounts at state bank branches, colluding employees and customers, laundering of proceeds.
What happened
إحالة إلى المحاكم، ولم يُتح الاطلاع على النتائج.
Open questions
- Court outcomes and recoveries; names of branch managers.
People and companies
| Name | Role in the case | Legal status | Detail | As of |
|---|---|---|---|---|
| More than 40 bank employees and customers (unnamed) أكثر من 40 موظفاً وزبوناً | Suspects | Under investigation | 25 September 2026 |
Sources
- Al Arabiya English (AFP)9 June 2022Press reportTier D
Nearly $700 million stolen from Iraq state banks: Anti-corruption commission
OriginalArchived copyin a scandal implicating more than 40 people, an anti-corruption commission said Thursday, after a three-year probe
- OCCRP (Lara Dihmis)10 June 2022Press reportTier D
Iraqi Banks Misappropriated $700 Million in Public Funds
OriginalCalling the scandal an “organized sabotage of the national economy,”