Check out our new Money Talks post on Vietnam

Currency News

8 die in Baghdad bank heist

Iraqi officials say insurgents may be behind the robbery, in which nearly $7 million was stolen, and other thefts as a way to fund their activities.
By Liz Sly
7:04 AM PDT, July 28, 2009
Reporting from Baghdad -- Thieves killed eight security guards and made off with nearly $7 million in a bank heist early today that could have been the work of insurgents, police officials said.

The heist came as U.S. Defense Secretary Robert Gates flew to Iraq on an unannounced visit to get a firsthand look at conditions on the ground now that U.S. combat troops have withdrawn from Iraq's cities.
Police said the thieves used guns equipped with silencers to kill three guards outside a branch of the state-owned Rafidain Bank in Baghdad's Karrada neighborhood. They then shot dead five guards who were sleeping inside the bank, before making off with the cash.

Baghdad has witnessed a spate of robberies recently that has given rise to suspicions that insurgents are embarking on a crime spree to finance their activities. Monday, three people were killed and 12 wounded in a noontime shootout between robbers and guards at a popular money exchange, also in Karrada. The thieves escaped, but police said it appeared they hadn't taken any money.

The U.S. military said it is possible insurgents are involved.

"I cannot confirm that the attacks were terrorist related," said Major David Shoupe, spokesman for U.S. forces in Baghdad. "It does fit past trends of terrorist groups in Iraq financing their operations through criminal enterprise -- like kidnappings for ransom, robberies and black marketeering."

Iraqi security forces did not ask for U.S. assistance in either of the incidents, he said.

Gates' visit came amid reports of tensions on the ground between U.S. soldiers and Iraqi forces seeking to interpret the terms of the security agreement governing their relationship. American forces now may enter Iraq's cities only with the permission of the Iraqis, which has given rise to confusion about what U.S. troops can do in many areas.

Gates also plans a visit to the semi-autonomous region of Kurdistan, where heightened tensions between Kurds and Arabs have given rise to fears that a full-scale conflict may erupt if disputes over territory are not resolved by the time U.S. combat forces withdraw from Iraq altogether in August 2010.

Times correspondent Usama Redha contributed to this report.
Back to Top