By John Lee. The Central Bank of Iraq (CBI) has warned citizens of fraudulent schemes involving counterfeit and non-circulating banknotes designed to defraud victims for financial gain. In a statement, the CBI outlined several common methods currently observed in Iraq: "$1,000,000" banknotes sold as legal tender, despite being commemorative notes with no monetary value. The […]
By John Lee. Iraq's Second Karkh Investigative Court has recovered 3 billion Iraqi dinars [$2.3 million] in connection with a financial fraud case involving two companies accused of manipulating foreign currency exchange rates through illegal overseas transfers. The companies had allegedly exploited discrepancies in the dollar exchange rate using fraudulent methods to generate profits, in […]
By Dana Taib Menmy for The New Arab. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq's Federal Board of Supreme Audit exposes US$600 million corruption scandal involving 'ghost travellers' Over 151,000 Iraqi citizens acquired US currency at the official rate for travel but […]
The co-owners and chief operating officer of one of the largest Iraqi dinar exchangers in the United States were convicted last month by a federal jury following a five-week trial. Tyson Rhame, James Shaw, and Frank Bell were each convicted of mail and wire fraud conspiracy, as well as multiple counts of mail and wire […]
Security forces have reportedly confiscated many USD and Euro bills and 88 million Iraqi Dinars (IQD) in counterfeit banknotes in Erbil province since the start of 2018. According to Kurdistan24, 100 suspects have been arrested for dealing and trading in counterfeit dinar. Full story here. (Source: Kurdistan24)
By John Lee. Authorities in Iraq have reportedly announced the arrest a gang believed to have forged Iraqi dinars worth "billions of dollars". According to The New Arab, the mafia-like network with Lebanese links was detained after a woman arrested at the Baghdad Airport confessed to involvement with counterfeiting money. (Source: The New Arab)
Following the insurgency by ISIS/ISIL, and the declaration of a 'caliphate' to be known as the Islamic State (IS), we have seen an increase in enquiries to Iraq Business News regarding the future of the country's currency, the Iraqi dinar (IQD). These enquiries typically come from people who have been persuaded to speculate on the […]
By John Lee. Two of the three men charged in a scheme to defraud investors in Iraqi currency were found guilty by a jury in U.S. District Court last week, while the third defendant was convicted only of an unrelated mail fraud charge. According to a report from the Toledo Blade, Bradford Huebner (66) and […]
By John Lee. Ohio based publication The Toledo Blade has reported the beginning of a new trial of three local men accused of intentionally deceiving investors with the now familiar refrain that the Iraqi dinar will dramatically revalue. The accused ran a firm BH Group along with two hedge funds, with one defendant allegedly lying about fighting in Iraq. […]
