Iraqi intelligence says it dismantled a major electronic-wallet fraud network

BAGHDAD, Iraq — Iraq's Federal Intelligence and Investigation Agency announced on Wednesday that it had dismantled a criminal network accused of electronic-wallet theft and financial fraud. The agency said the operation was carried out after intelligence work and field and digital surveillance led investigators to the network's alleged ringleader, who was later apprehended along with other members of the group. According to the statement, the suspect lured citizens and travelers through social media accounts posing as companies selling US dollars at favorable rates, then accessed their financial assets. Investigators said the seized digital infrastructure had been used to target victims directly. The agency said fraud channels linked to 5,000 subscribers on OKX, 1,800 on Binance, 1,400 on Bybit and 10 on MEXC were shut down as part of the investigation. The suspect was detained to be referred to judicial authorities under Article 456 of the Iraqi Penal Code. The agency added that the necessary legal proceedings against the suspects have been initiated and the case file has been transferred to the judiciary. No further details were immediately available.