Shafaq News/ Iraq's Judicial authorities have seized more than 375 billion dinars in equities and credit as an investigation into the "theft of the century" continues to unfold.

The latest scandal, revealed in October by a minister in the former government, has caused a political storm in corruption-plagued Iraq and is being dubbed domestically as "the theft of the century".

In the embezzlement, an amount of 3.7 trillion Iraqi dinars (almost $2.5 billion) was fraudulently paid to five companies by the General Commission of Taxes. The money was paid through 247 cheques between September 9, 2021, and August 11, 2022, from the commission's account at the state-run Rafidain Bank.

According to the findings of an internal investigation conducted by the ministry, the companies —at least three of them established last year— submitted fake documents for their claims.

Those funds were deposited by trading companies and individuals as a guarantee to pay taxes after finishing projects commissioned by the government or importing goods. The companies and individuals can later apply to withdraw what is left from their deposits after deducting the taxes.

A statement issued today by the Supreme Judicial Council said that the court had formed a committee to account for the embezzled funds in preparation for retrieving them.

"Nearly 55 real estate properties in Baghdad were placed in preventive custody. Investigations are underway to uncover properties in other governorates," the statement said.

The authorities seized 267.65 billion dinars in equities and 108 billion dinars in credit as well. The seized assets, according to the statement, belong to the defendant and other family members.

Corruption has been rife in Iraq since the 2003 US-led invasion that toppled Saddam Hussein. Many politicians have been arrested or removed from office for the practice.

Iraq is considered one of the most corrupt countries in the world. It ranked 157th out of 180 nations on Transparency International’s 2021 corruption index.