Shafaq News- Saladin
Missing funds from Rafidain Bank's Beiji branch were allegedly used to finance appointments and expand influence within Iraqi state institutions after disappearing during ISIS's offensive, an informed source told Shafaq News.
According to the source, the case dates back to 2014, when the then-manager of the Beiji branch “removed large sums of cash from the bank with the assistance of several relatives” shortly before ISIS seized the city. The former manager later surrendered to authorities in Baghdad, claiming the money had been “taken by the militant group after he was abducted.”
The source said testimony by a bank employee supported that account, leading to the former manager's acquittal and the closure of the case.
The source estimated the missing funds at between 35 billion and 45 billion Iraqi dinars (about $22.8M-$29.3M) and alleged the money was subsequently used to “secure senior administrative appointments and expand influence within state institutions.” According to the source, the former branch manager later held senior positions within Rafidain Bank, while another employee who testified in the case was promoted to manage the Beiji branch despite his limited service. The source further alleged that the officials, along with others, collected unofficial fees of about 350,000 Iraqi dinars (around $228) for processing bank transfers.
He also alleged that one of those involved was later appointed to head a state-owned oil institution, claiming proceeds linked to the Beiji case were “used to secure the post” in return for a share of contract revenues.
A ministerial committee recommended a series of management changes within Rafidain Bank in 2024, including new appointments in the northern region, the source continued. Those recommendations were approved by the finance minister in 2025, while the officials named by the source “remain in their positions.” The source called on Iraq's judicial and oversight authorities to examine the allegations and take legal action if warranted.
On June 28, Iraq launched the nationwide “Dawn Crackdown” anti-corruption campaign targeting current and former officials, lawmakers, politicians, and businesspeople. Security forces detained at least 47 suspects in the first 24 hours, according to government figures, a total that informed sources within the Federal Commission of Integrity, Iraq's principal anti-corruption body, later put at 67.
: Iraq detains top officials in anti-corruption sweep
