Iraq detains Rafidain Bank officials over $1.22M fraud
2026-07-09T21:08:21+00:00
Shafaq News- Al-Diwaniyah
A joint force from Iraq's Federal Commission of Integrity and a SWAT unit arrested several Rafidain Bank officials in the southern province of Al-Diwaniyah on Thursday over a suspected currency manipulation operation that authorities believe resulted in the embezzlement of about 1.6 billion Iraqi dinars ($1.22M), a source told Shafaq News.
The investigation uncovered the fraudulent replacement of banknotes originally denominated at 50,000 Iraqi dinars ($38.15) with 1,000-dinar notes, enabling the theft.
Authorities are continuing efforts to identify all those involved and recover the stolen funds.
