The Federal Commission of Integrity has foiled an attempt to embezzle one trillion and 500 billion dinars from Rasheed Bank and al-Rafidain Bank in Baghdad.

Arrest of Three Individuals Over Forged Bank Checks

The Federal Integrity Commission stated in a press release that field teams from the Baghdad Investigation Directorate, in coordination with competent judicial authorities, arrested three individuals after investigations and follow-ups at the general administration of al-Rafidain Bank.

The suspects were carrying forged documents and checks while attempting to withdraw funds illegally.

Seven Forged Bank Checks Seized

The commission revealed that seven bank checks were seized, allegedly issued by Rasheed Bank and al-Rafidain Bank. The total value of the checks amounted to approximately one trillion and 500 billion dinars.

Seizure of Bank Deposit Sale Contract Worth 612 Billion Dinars

The Integrity Commission also stated that, during the operation carried out under the provisions of Articles 289 and 298 of the Penal Code, a bank deposit sale contract was seized.

The contract was registered under the name of one of the suspects, with a total value of 612 billion dinars.

The commission indicated that the suspects confessed to attempting to illegally process and cash the checks.

Discovery of Additional Forged Checks

According to the statement from the Federal Integrity Commission, and in coordination with the management of al-Rafidain Bank, a number of additional forged checks were discovered.

Initial investigations showed that the funds and bank accounts were not registered in the names of the suspects.