Independent UK: Baghdad revealed as bank robbery capital of the world

[marmar]

Baghdad revealed as bank robbery capital of the world
By Kim Sengupta in Baghdad
Published: 19 September 2007


The attack had been planned with military precision. Twelve men, masked and carrying Kalashnikov assault rifles stormed into the al-Sanik branch of the Bank of Baghdad, disarmed the guards, tied them up and then terrified the staff by firing into the ceiling. About $800,000 (£400,000) in US dollars and Iraqi dinars was grabbed before the gang drove away in three cars, untroubled by the many checkpoints in the area.

The raid was just the latest of a long and lucrative line that sees, on average, a million dollars a month being taken at gunpoint. Bank executives have been kidnapped from their homes for ransoms as high as $6mn. Amid the bombs and gunfire, there is one "industry" is doing remarkably well – Baghdad is now the bank robbery capital of the world.

Iraq holds the world record for both the first and second highest amounts taken in the history of bank robberies. Top of the league is the estimated $800m removed from the Central Bank by Saddam Hussein's son, Qusay, in the dying days of the regime as US tanks were rolling into Baghdad.

In second position is the heist, just two months ago, at the Dar al-Salam Bank at Sadoun Street in central Baghdad when three guards turned on their employers and left with $282m.

Other banks hit recently has been the al-Rafidian which lost $1.2m; the Industry Bank, which had $784,000 taken; Iraqi Trade Bank, $1.8m ; the Bank of Baghdad, $ 1.6m; al-Warka Bank, $750,000; The Middle East Investment Bank, $1.32m... the list goes on.

Four years after "liberation" and the coming of the free market, Iraq is almost entirely a cash economy with a mushrooming group of private banks and vast sums of money being moved daily across the country.

The US authorities praised the rise of the private banking sector as one of the success stories of Iraq.

But the upsurge in robberies has meant that some branches have been unable to pay customers because of lack of cash. ......(more)

The complete piece is at: http://news.independent.co.uk/world/middle_east/article2976691.ece

[Trillo]

1. One of the contentions of Lee Wanta

is that the Iraq war was not primarily fought over oil, but to raid the Central Bank of Iraq.

[unhappycamper]

2. Shit. We coulda bought a bridge over the Mississippi for that $282m. n/t