Iraq’s Federal Integrity Commission announced on Wednesday that it had dismantled an 11-member network accused of manipulating and forging loan transactions at the Real Estate Bank in Babil Governorate, causing losses to public funds exceeding 500 million Iraqi dinars.
The commission said investigations uncovered fraudulent activity involving 56 loan files, allegedly carried out by six bank employees and five intermediaries.
The scheme reportedly involved forging property deeds, altering property classifications and tampering with sales records. The suspects also allegedly used fake payment receipts to close loans and remove property liens, allowing the same properties to be used as collateral for new loans.
The investigation also found that some borrowers were asked to pay amounts they had already settled.
The commission confirmed that arrest warrants had been executed against five bank employees and two intermediaries, while efforts are continuing to locate the remaining suspects. Searches of their residences also resulted in the seizure of official stamps, banking documents, cash and gold jewelry.
