Rédaction Africa Links 24 with Sami Zaptia
Published on 2024-02-19 20:50:40
The Attorney General’s Office announced on August 23rd that a major fraud scheme involving customs officials and a bank has been uncovered at the Libyan Tunisian Ras Jadair border crossing. The officials, along with the Al-Yaqeen bank, were implicated in a massive letters of credit fraud totaling over LD 1.2 billion.
The investigation found that seventeen customs guard officers, including the head of the Ras Jadair customs centre, and the heads of the Audit and Procedures Department, were involved in committing documentary forgery through customs documents linked to documentary credits completed within the Al-Yaqeen Bank. This fraudulent activity allowed for the manipulation of customs data to create fake imports and result in significant foreign exchange gains for the perpetrators.
The customs officers recorded false data stating that seven commercial companies had imported goods into the country, which in reality, was not the case. This false information enabled the company owners to benefit from foreign exchange equivalent to ninety-one million dinars. Additionally, the perpetrators were able to profit from trading in foreign exchange in the parallel market. This elaborate scheme ultimately led to fraudulent gains at the expense of the country’s economic stability.
The investigation also revealed that the Al-Yaqeen Bank played a crucial role in facilitating the fraudulent activities. The Financial Information Unit’s reports highlighted abuse within the bank, showing how its business leaders were involved in facilitating illicit gain incidents for the owners of forty-nine companies, with a value exceeding twenty million dollars. Moreover, the investigation uncovered a defect in credits worth one billion and two hundred million dollars that were issued in violation of the system of granting documentary credits.
As a result of the investigation, the Attorney General’s Office ordered the imprisonment of the head of the Ras Jadeer customs centre, the two heads of the Review and Procedures Department, and four officers from the Customs Guard. In addition to the customs officials, the Chairman of the Board of Directors of Al Yaqeen Bank, his deputy, seven individuals responsible for managing compliance affairs, banking operations, external operations, credits, and review at the bank were also ordered to be imprisoned.
The discovery of this widespread fraud involving customs officials and the Al-Yaqeen Bank is a significant blow to the country’s efforts to combat corruption and financial fraud. It underscores the importance of enforcing strict regulatory oversight and implementing robust anti-fraud measures to protect the integrity of the country’s financial systems. The Attorney General’s Office’s swift action in uncovering and prosecuting those involved in this fraudulent scheme sends a clear message that such illegal activities will not be tolerated, and those responsible will be held accountable to the full extent of the law.
Read the original article on Libya Herald
