Integrity Commission Highlights Fraud at Rafidain Bank
Iraq’s Commission on Integrity has revealed details of fraudulent credit operations in the Ministry of Defense’s branch of Rafidain Bank, noting that the director of the bank granted illegal loans in excess of “150 billion Iraqi dinars” ($129 million).
The commission said that the director of the bank allowed conditions for the granting of loans to be breached for employees of the presidential regiments.
The corruption involved taking advantage of holiday periods, during which bank staff were sent to Erbil to take the fingerprints of unknown persons, and to distribute funds before the completion of the proper procedures.
(Sources: Commission on Integrity, AKnews)