Billion-dollar breach: Four arrested in Iraq's al-Rafidain bank theft
Shafaq News/ On Monday, four employees were arrested at al-Rafidain Bank branch in Diyala for illegally disbursing more than $1.53 billion from provincial government accounts, Iraq's Federal Commission of Integrity revealed.
The suspects, identified as cashiers and counter staff, issued 25 cheques without supporting documentation, enabling embezzlement by personnel in the pronvince's financial department, the Commission added.
Notably, five provincial accountants were detained in April last year for embezzling $1.225B from the same branch. Authorities recovered roughly $460,000 in cash, along with gold, cheques, and property deeds.
Al-Rafidain Bank, Iraq's largest state-run lender, has come under repeated scrutiny for internal control failures. It was previously linked to the 2022 'Theft of the Century,' involving $2.5B from the General Commission for Taxes, which prompted nationwide calls for reform.
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