Millions from the embezzled $2.5 billion in public funds recovered, says Iraqi PM’s office

Iraq said that it hasrecovered a “part” of $2.5 billion in public funds which were embezzled from the government’s tax authority after a massive scheme involving officials and businesses, on Sunday. The Iraqi Prime Minister, Mohammed Shia al-Sudani, said that they have retrieved at least $125 million (182 billion Iraqi dinars) from a businessman detained in connection with the fraud.

“The competent authorities have been able to retrieve a first tranche amounting to 182.6 billion Iraqi dinars,” said al-Sudani, in a statement released by his office. It added that the amount was recovered in the form of seized properties and assets of Noor Zuhair Jassim, a businessman, implicated in the theft of more than $1 billion that he “confessed” he had received.

The businessman will also be subjected to an assets freeze and will be released on the condition that the remaining funds be recovered within two weeks, said al-Sudani. The country’s PM has also stressed that an investigation is underway and will not be spared anyone while the government works to recover the full amount stolen.

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Jassim was one among the several people involved in the corruption scheme including officials from the country’s tax authority, some of whom have been identified, said the statement. According to officials, the funds were withdrawn from the tax deposit account between September 2021 to August 2022 through almost 250 cheques cashed by five firms. Subsequently, the money had been withdrawn from the companies’ accounts, said AFP citing a document from the tax authorities.

The businessman was arrested in late October at the Baghdad International Airport and is allegedly the CEO of at least two of five shell companies through which the funds were stolen. Referring to the officials and higher-ups the Iraqi PM said that their identity will be revealed after the investigation has concluded. “Arresting the thieves and those who aided them is very important,” said al-Sudani.

(With inputs from agencies)

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