The Association of Banks in Lebanon is set to hold a press conference on Thursday to address the latest developments in the case of forged Lebanese bank documents that have been submitted by an Iraqi gang, alleging that they have millions of dollars of deposits in Lebanon. Asharq Al-Awsat revealed that two more banks have been targeted by this gang. Asharq Al-Awsat had revealed on Wednesday details of how the gang targeted Audi Bank by claiming that an Iraqi individual had a deposit, dating back to 2001, worth $800 million. Lebanese sources said that another Iraqi individual approached another major bank in Lebanon with a similar claim. He alleged that he opened an account at this bank in 1999 and it now holds $400 million. He demanded that the bank turn over these funds with interest. When it denied the existence of such a deposit, the Iraqi resorted to the judiciary to force the bank to cooperate. A major Lebanese banker told Asharq Al-Awsat that the Iraqi did not present any documents to back his allegations, but only made oral claims. After the necessary investigations, it was revealed that there were no accounts under his name, he added on condition of anonymity. No legal action has been taken against the Iraqi because he did not provide any forged papers or documents on which a case can be built, he explained. Lebanese sources monitoring the file said that investigations are ongoing over the Iraqi scam network, saying that several major leads need to be followed. They added that the Iraqi gang was trying to deceive the Lebanese banks by bringing in Iraqi individuals who carry the same name as members of the former regime of Saddam Hussein. There were rumors that members of the regime smuggled Saddam’s funds abroad after severe international sanctions were imposed against him. It is believed that he used loopholes in the Oil-for-Food Program to smuggle money abroad, including Lebanon, continued the sources. Maher Rashid, an Iraqi detainee in the case, whose arrest Asharq Al-Awsat had detailed during its report on Wednesday, shares his name with a powerful member of Saddam’s regime.