$2.5 Billion Public Funds Theft Shakes Iraq in “Heist of the Century”

An Iraqi criminal court issued arrest warrants on Tuesday for businessman Nour Zuhair and former government official Haitham al-Juburi over their alleged roles in the theft of $2.5 billion from public funds.

The scandal, known as the “heist of the century,” has incited outrage in a country already grappling with widespread corruption, high unemployment, and deteriorating infrastructure after decades of conflict.

Both suspects, who have been facing trial since mid-August, are fugitives and have not appeared in court. Tax authorities claim that between September 2021 and August 2022, the accused misappropriated funds through 247 checks cashed by five companies and withdrew the money in cash from these companies’ accounts. Arrest warrants have also been issued for the account owners, most of whom are fugitives.

According to the national anti-fraud agency, approximately 30 suspects are on trial, with six already in custody or awaiting extradition. Notably, Zuhair was arrested at Baghdad airport in October 2022 while attempting to flee the country. He was later released on bail after returning more than $125 million and agreeing to pay the rest in instalments.

A judicial source reported that Juburi had returned $2.6 million of the embezzled funds before he vanished. The whereabouts of both men remain unknown. Zuhair, however, made headlines recently after a car crash in Lebanon following an interview with an Iraqi news channel.

Iraqi journalist and commentator Hamed al-Sayyed criticized the political system’s role in the scandal, particularly the decision to release Zuhair on bail, which allowed him to escape. “His release from jail, when under investigation, indicates that the political system at its highest levels is complicit,” Sayyed stated. This case highlights the pervasive corruption within Iraqi state institutions, where accountability often does not reach the upper echelons of power.