Iraqi authorities investigate central bank involvement in fraud case
Investigation finds politically linked firms stole $2.5 billion and used some in central bank auctions
Magistrates in Iraq are investigating the country’s central bank over its possible involvement in a multi-billion dollar fraud.
An internal investigation by the finance ministry earlier this year found some of the ministry’s own officials had helped embezzle around $2.5 billion. It found that officials had written cheques worth 3.7 trillion Iraqi dinars (around $2.5 billion) to five companies.
The transactions, worth about 2.8% of Iraq’s 2021 government budget, took place between September
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