Iraq’s Federal Integrity Commission announced on Thursday that authorities foiled an attempt to seize 1.5 trillion dinars from Rafidain and Rasheed banks in Baghdad.
Three suspects were detained after allegedly trying to cash forged checks in violation of the law, according to a statement carried by the Iraqi News Agency.
The operation was conducted in coordination with judicial authorities as part of efforts to safeguard public funds.
Seven forged checks seized at Rafidain headquarters
The Commission said a field team from the Baghdad Investigation Directorate moved to Rafidain Bank’s general administration following intelligence coordination with the judiciary.
Officers apprehended three suspects found in possession of statements and forged checks they intended to process unlawfully.
Seven forged checks, purportedly issued by Rafidain and Rasheed banks, were seized with a combined value approaching 1.5 trillion Iraqi dinars.
Deposit contract worth 612 billion dinars uncovered
During the operation, authorities also confiscated the original copy of a deposit sale contract in the name of one suspect valued at 612 billion dinars.
Preliminary investigations showed that no such balances or accounts existed in the records of either bank.
The suspects reportedly admitted attempting to process the checks illegally.
Legal proceedings under the Penal Code
The operation was carried out under Articles 298 and 289 of the Iraqi Penal Code.
An official seizure report was prepared and the suspects were presented before the Karkh Second Investigation Court, which handles integrity-related cases.
The investigating judge ordered their detention pending completion of legal procedures.
Rafidain Bank cites strengthened compliance systems
In a separate statement, Rafidain Bank said the foiled attempt to seize 1.5 trillion dinars reflected enhanced internal oversight and risk management measures.
The bank credited updated verification systems, monitoring of suspicious indicators, and strengthened compliance frameworks for detecting the alleged fraud attempt.
It added that coordination with the Integrity Commission and judicial authorities led to the suspects being apprehended inside the bank’s headquarters while in possession of forged documents.
Commitment to anti‑money laundering standards
Rafidain reaffirmed its commitment to improving compliance systems, combating money laundering and terrorism financing, and protecting public funds in partnership with specialized international institutions.
Key outcomes of the operation include:
Prevention of a large-scale financial fraud attempt
Protection of state-owned banking assets
Strengthened coordination between oversight and judicial bodies
Conclusion:
The failed attempt to seize 1.5 trillion dinars highlights ongoing anti-corruption efforts in Iraq’s financial sector. Authorities said investigations remain under way as legal procedures continue.
