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🛒 تسوق الآنPublic Prosecution Halts Banking Transactions at Agricultural Bank – Zawiya Over 77 Million Dinar Embezzlement Scheme
Public Prosecution Halts Banking Transactions at Agricultural Bank – Zawiya Over 77 Million Dinar Embezzlement Scheme
Libya's Public Prosecution has frozen banking operations at the Agricultural Bank's Zawiya branch, uncovering an elaborate embezzlement scheme involving fraudulent accounting entries and forged checks valued at over 86 million Libyan dinars.
The Public Prosecution announced on Thursday that it has taken precautionary measures to halt all suspicious banking transactions linked to an ongoing investigation into the misappropriation of public funds at the Agricultural Bank – Zawiya branch. The probe, launched weeks ago, has revealed systematic financial irregularities that diverted funds earmarked for sustainable development projects.
Investigations Reveal Massive Financial Irregularities
According to the prosecution's findings, the investigations uncovered accounting entries that do not correspond to any actual transactions — a classic red flag indicating deliberate attempts to siphon public money. The scheme targeted funds specifically allocated for agricultural development initiatives in the region.
The total amount involved in the fraudulent activities is estimated at approximately 77 million and 134 thousand Libyan dinars ($15.8 million), making it one of the largest financial misconduct cases uncovered in Libya's banking sector in recent months.
Forged Checks and Banking Violations
Beyond the accounting manipulations, the investigation identified a pattern of check-related fraud that included three distinct categories of violations:
- Insufficient fund checks: Bank employees accepted checks worth 4,451,000 Libyan dinars without verifying that the issuing accounts contained adequate balances.
- Forged checks: Fraudulent checks valued at 4,794,000 Libyan dinars were processed and cashed through the bank.
- Undocumented transactions: Checks totaling 666,000 Libyan dinars were accepted without confirming sufficient funds and without recording the beneficiary's name — a direct violation of basic banking protocols.
The combination of these violations suggests either gross negligence or deliberate collusion between bank staff and external parties to bypass standard financial controls.
Criminal Charges Filed Against Bank Employees
Based on the results of the investigation, the Public Prosecution has decided to file criminal charges against three employees of the Agricultural Bank's Zawiya branch. The prosecution has also issued arrest warrants for other individuals suspected of participating in the scheme.
The legal actions include orders for the detention and presentation of all persons implicated in the investigation, signaling that the authorities are treating this case with the highest level of urgency.
Context: Libya's Ongoing Battle Against Financial Corruption
This case comes amid a broader crackdown on financial corruption within Libya's state institutions. In recent months, the Public Prosecution has intensified its oversight of the banking sector, targeting irregularities ranging from unauthorized currency trading to fraudulent lending practices.
The Agricultural Bank, which is supposed to channel funding to farmers and agricultural projects, has been particularly vulnerable to exploitation due to weak internal controls and the absence of robust digital oversight systems. Transparency advocates have long called for the modernization of Libya's banking infrastructure to prevent such abuses.
The Zawiya branch, located in one of Libya's key agricultural regions, handled a significant volume of development-related transactions — making the alleged violations particularly damaging to the local economy and rural communities that depend on agricultural financing.
What Happens Next
All banking transactions linked to the investigation have been suspended pending the completion of the legal process. The prosecution has confirmed that the halt is a precautionary measure aimed at preventing further dissipation of public funds while the criminal investigation proceeds.
The accused employees are expected to face a formal judicial hearing in the coming days, where the prosecution will present the full evidence gathered during the probe. Additional arrests are anticipated as the investigation expands to include potentially involved external parties.
The case serves as a stark reminder of the vulnerabilities within Libya's public financial management system and the urgent need for comprehensive banking sector reform to safeguard public assets from exploitation.
— Libya Press / News Desk
