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 Warka bank stole 100 thousand dollars from an American Depositer

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Ponee
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PostSubject: Warka bank stole 100 thousand dollars from an American Depositer   Thu Sep 12, 2013 8:35 am

The Medical Student and Al Warka Bank Iraq




On 25 August 2013, the Central Bank of Iraq (CBI) sent an official letter to Al Warka Bank in reference to lifting the trusteeship of Al Warka Bank. The document was in arabic so I had an expert translate the document to English for my readers who’ve made this request. You can review the Arabic and English versions here. Download PDF English Version and Download Arabic Version


In addition, I have an interesting story that I’d like to share with my readers. Several weeks ago I received an email from an individual who was clearly frustrated and distraught. This individual was upset because they had deposited 100k USD into Al Warka Bank. Initially, this person had opened up a savings account with Al Warka Bank with the beliefs that they would get a good return of interest on their deposits. The money this individual deposited, and was hoping for gains on, was meant to be saved to attend medical school. Apparently now, this individual has made several attempts to withdraw his savings & deposits from Al Warka Bank and they have been refusing to cooperate or allow him to withdraw his money. The individual proceeds to explain to me how distraught they are because this savings account was their sole means to attend medical school and now that prospect was bleak. Several months have gone by and this individual has had absolutely no success with being able to retrieve any of their funds and Warka Bank refuses to acknowledge such a deposit. This frustrated individual was writing to me in hopes that I could assist them or could promise a solution that would get their life savings back. Let me just say up front right now,…once you deposit your money in Al Warka Bank there is no way that I, or any other individual not operating within the banking system can help you. This is why in the past I many times tried to discourage my readers & subscribers from doing the very same thing this individual did. This is not an isolated story either.

I have heard countless stories of this happening to many people. I chose to highlight this particular individuals story because of the nature of it being a savings account to attend medical school and now this individual cannot attend. This is a hard lesson to learn when you deposit money in any foreign bank. I don’t know if any of you are aware of what happened in Cyprus, but the banks literally stole all the depositors money. And, they are not anywhere near a war zone.

I would just like to reiterate to take extreme caution when dealing with any bank in Iraq. Do your due diligence and really think twice about depositing any money in Iraq. You may know or maybe you don’t know, that most U.S. corporations operating in Iraq do not use the banking institutions inside Iraq, all funds are repatriated back to banks outside of Iraq. This provides more accurate accounting and better banking and International laws to protect the corporation. If they do use a private bank in Iraq it is to only cover small payrolls and occasionally to have a few Iraqi lawyers on retainer. The bulk of the corporation profits are always wired to a bank outside Iraq.

I am not going to tell anyone how and what they should do with their money if they’re interested in banking with an Iraqi bank but I would just encourage research into the banking industry. Also, keep in mind that they are not like 21st century banking.

You can contact the American Contractor at
E-Mail: ac (at) americancontractor dot com

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Last edited by Ponee on Thu Sep 12, 2013 9:59 am; edited 1 time in total
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PostSubject: Re: Warka bank stole 100 thousand dollars from an American Depositer   Thu Sep 12, 2013 9:49 am

This is what happens when you leave it up to Ali Bahba. Brings back memories of those old black and white films of the camels,long flowing bandanas,and habeeb with the long curved sword stealing everything in sight
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PostSubject: Re: Warka bank stole 100 thousand dollars from an American Depositer   Thu Sep 12, 2013 9:58 am

Why don't you come up and open a Warka account big boy....


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PostSubject: Re: Warka bank stole 100 thousand dollars from an American Depositer   Wed Mar 12, 2014 12:34 pm

I think this is the same individual who posted at DV. He wouldn't stay up late enough (midnight) go give them a call, so, too bad so sad.

Most of of thought this was BS and probably is. Who has 100K to put into Warka?
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PostSubject: Re: Warka bank stole 100 thousand dollars from an American Depositer   Wed Mar 12, 2014 3:53 pm

I wouldn't send a internet person 100K...but I would send the @ 7K...we'll see how it works out, I cant do anything @ it now...(sigh)
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PostSubject: Re: Warka bank stole 100 thousand dollars from an American Depositer   Thu Mar 13, 2014 7:03 am

I Didn't send 100k through the internet. When I dropped it in there I was working on the US Embassy Baghdad (USMI). Warka was fully vetted by the Embassy and my friends in the CBI & MOF (British and US) backed that they had full liquidity and it was the best bank in the region.

I walked across the street and deposited it from my US bank check. They didn't steal the money, its stuck like everyone else's. This guy (americancontractor) acted like he had inside info on Warka and I asked him about it explaining my situation. He pretty much said 'I told you so' like the info pumping wanna-be important ex-contract douchbag that capitalizes on people who want to be a millionaire from 500 bucks. Then he sensationalized the story and posted it everywhere.

 I'll get my money back out with interest, but it was at the cost of being an MD starting @ 350k. I'm back in Afghanistan now at a little combat base in the mountains. I'll prob go to DO school or settle for Nursing and I'm sorry for sacrificing my life in the Marines and as a contractor since to help others and get ahead in life then have little people tell me I'm not real or stupid. I invested another 150 on things I wouldn't have like a home and travel if I knew it was going to be stuck. Not everyone in the world is broke.  I'm sick of ignorant rumors and people commenting on this when it was 30% misinformation to make it sound like he had a 'contact.' 10% on over 100k is pretty attractive. That's normal in India but Americans only get 3% on the same accounts, otherwise I would have parked it there for 2 years.
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PostSubject: Re: Warka bank stole 100 thousand dollars from an American Depositer   Thu Mar 13, 2014 10:03 am

Dodfire75 -- Thanks so much for the clarification of the original post.  I appreciate your stepping in and telling the other side of the story.  It does shed light on the situation and answers questions.  As Paul Harvey would say... "NOW FOR THE REST OF THE STORY". 

We should all take heed with EVERYTHING WE READ in regards to "intel" and those who claim to be "in the know". 

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PostSubject: Re: Warka bank stole 100 thousand dollars from an American Depositer   Thu Mar 13, 2014 8:42 pm

Wow didn't take you long to respond.  Hmmmm OK..if you say so.  sarcastic
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PostSubject: Re: Warka bank stole 100 thousand dollars from an American Depositer   Thu Mar 13, 2014 8:59 pm

well, as my buddy fat tommy says, ( he's 450 lbs.)..." no good deed goes un-punished"...which I have found out, is true @ 80% of the time...

at  one time I heard Warka was in a deal with Citi, then heard that fell thru, we'll just have to see, or plan a trip to Baghdad, yea right...I don't think so
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PostSubject: Re: Warka bank stole 100 thousand dollars from an American Depositer   Thu Mar 13, 2014 11:44 pm

I hope this ends the speculation. As you can see this is my USD account alone. It is frozen, not stolen and I was actually in MD school because I have an advanced degree in genetics. Please feel free to post pics of your morbidly obese self drinking margaritas.

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PostSubject: Re: Warka bank stole 100 thousand dollars from an American Depositer   Thu Mar 13, 2014 11:49 pm

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