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. The Second Karkh Investigative Court has recovered IQD 30 billion (approximately $23 million) in connection with a financial fraud case. According to a statement issued by the Supreme Judicial Council (SJC), the amount was recovered from a company that violated the law by exploiting exchange rate differences in foreign currency transfers conducted […]
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 […]
