Iraqi Court Recovers 21 Billion Dinars in Fraud Case
At a Glance
An Iraqi investigation court has recovered public funds lost to financial fraud.
Two companies were found responsible for the misappropriation.
The money has been returned to the state treasury.
Iraq's Supreme Judicial Council announced Sunday that a federal investigation court has recovered more than 21 billion dinars taken from the public treasury through a financial fraud scheme.
Key Statements and Focus Area
Recovered Amount: The Karkh Second Investigation Court recovered 21 billion 424 million Iraqi dinars from the fraud crime. — Supreme Judicial Council of Iraq.
Method of Recovery: The full sum was returned to the state treasury under the direct supervision of the court. — Supreme Judicial Council of Iraq.
Focus Area: The recovery of public funds siphoned through foreign currency wire transfers and exchange rate arbitrage.
The money was retrieved from two companies found to have violated the law. They obtained it through foreign wire transfers, exploiting the gap between the official and market dollar exchange rates. The Council presented three bank checks showing the breakdown of the recovered funds: the first totaled 10 billion 643 million dinars, the second 9 billion 980 million dinars, and the third 800 million 721 thousand dinars.
FYI
Iraq has long struggled with schemes involving foreign currency transfers, as the difference between the official dinar-dollar rate and the parallel market rate creates opportunities for arbitrage. Authorities have in recent years tightened oversight of dollar sales and international transfers, and Iraqi courts have repeatedly announced the recovery of public funds in corruption and fraud cases as part of efforts to protect state revenue.
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