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| 01 August, 2018

Lebanon banking sector targeted by Iraq-based scam network

The Lebanese and Iraqi security services have uncovered an Iraqi scam network that tried to extort money from Lebanese banks

Traders are seen busy working in BEMO Bank's dealing room before the end of Beirut's stock exchange trading session in Beirut, Lebanon in this April 3, 2006

Traders are seen busy working in BEMO Bank's dealing room before the end of Beirut's stock exchange trading session in Beirut, Lebanon in this April 3, 2006

REUTERS/Jamal Saidi

The Lebanese and Iraqi security services have uncovered an Iraqi scam network that tried to extort money from Lebanese banks, according to local newswire, Lebanon National News Agency.

Major General Abbas Ibrahim, the Head of General Security, said that the gang published false news and fabricated information claiming ownership of deeds of assets to the value of millions of US dollars.

The gang targeted several banks bank but the only verified attempt was against Bank Audi.

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In a statement, Bank Audi, thanked the Iraqi authorities and Lebanon’s General Directorate of General Security for their effort and timely action.

The network’s members claimed to have millions of dollars in assets in the banks, but the supporting documents were forged.

The Iraqi intelligence has issued a statement confirming that several members of this gang have been arrested and investigations are still underway.

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