Baghdad court recovers $14M+ in currency fraud probe

Shafaq News- Baghdad

Al-Karkh Second Investigative Court recovered 21.424 billion dinars (around $14.1M) from two companies accused of exploiting fraudulent overseas money transfers to profit from differences in the dollar exchange rate, the Supreme Judicial Council said on Sunday.

The identities of the two companies were not disclosed.

The Council added that the Court would continue legal proceedings against other companies suspected of employing similar schemes to make substantial profits at the expense of public funds.

On Oct. 7, the Central Bank of Iraq (CBI) introduced a new exchange-rate structure, setting the dollar at 1,500 dinars for purchases from the Finance Ministry, 1,510 dinars for sales to banks, and 1,520 dinars for cash transactions with the public. The parallel-market rate remained higher, reaching 1,680 dinars per dollar following the adjustment.

Baghdad court recovers $14M+ in currency fraud probe

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