Iraq’s Second Karkh Investigative Court has recovered IQD 30 billion (about $23 million) in a financial fraud case, according to a statement from the Supreme Judicial Council.
How the fraud worked
The recovered funds came from a company that allegedly exploited exchange rate differences in foreign currency transfers. Authorities said the company used fraudulent methods to benefit from the gap between official and market exchange rates, generating unlawful profits at the expense of public funds.
Court supervision and next steps
The Supreme Judicial Council said the recovery was carried out under the supervision of the First Judge of the Second Karkh Investigative Court.
Legal proceedings are continuing, with the court working to pursue additional companies suspected of using similar schemes to secure excessive gains through exchange rate manipulation.
The judiciary emphasized that efforts remain ongoing to protect public funds and enforce accountability against financial violations.
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