ERBIL, Kurdistan Region of Iraq - Iraq’s Integrity Commission said Thursday it thwarted an attempt to seize nearly “1.5 trillion Iraqi dinars from the state-run Rafidain and Rasheed banks in Baghdad” following a joint operation with banking officials and the judiciary, according to a statement.

The commission said authorities arrested a three-member network accused of trying to pass “seven forged cheques and a fake deposit sale contract worth 612 billion dinars,” praising coordination with Rafidain Bank and the Iraqi judiciary in carrying out the operation.

According to the statement, the suspects were arrested inside the general administration building of Rafidain Bank while allegedly in possession of forged checks and documents linked to the attempted fraud operation.

The commission praised what it described as the “responsible and prominent role” played by Rafidain Bank’s management, saying the bank’s coordination with the commission helped uncover the forged checks and facilitate the arrest of the suspects.

“The combined and responsible efforts between oversight bodies, the banking system and the Iraqi judiciary are the main pillar behind the success of this operation and the protection of public funds,” the commission said.

The state-run Rasheed Bank later issued a statement confirming that the cheques circulating in connection with the case were forged, stressing that the bank “bears no legal or financial responsibility for them.”

The bank said it would take legal measures in coordination with security and oversight authorities to investigate the case and pursue those involved in the alleged forgery operation.

Rasheed Bank also urged institutions and individuals to verify banking documents through official channels and reiterated its commitment to “protecting customers’ rights and maintaining the integrity of banking transactions according to the highest standards of security, transparency and anti-money laundering.”

Separately, Rafidain Bank said the operation reflected the effectiveness of its institutional reforms and internal monitoring systems in protecting public funds.

The bank said the attempted fraud was uncovered through “modern verification methodologies, enhanced compliance procedures and improved risk management systems that helped identify suspicious indicators and respond quickly.”

It added that the vigilance of its staff and direct coordination with the Integrity Commission and judicial authorities helped lure and arrest the suspects while allegedly carrying forged checks and documents.

In a broader statement, the Integrity Commission announced it was intensifying auditing and investigative operations across Baghdad and other provinces, including forming specialized teams under the direct supervision of the commission’s presidency to review major government contracts signed by ministries and state institutions.

The commission said the teams would examine whether contracts complied with laws and regulations, identify those responsible for harming public funds and uncover beneficiaries who profited “at the expense of the public interest.”

It added that the committees would expand their work in coordination with government institutions to obtain documents and data and present the findings of investigations “urgently” before the competent judicial authorities.