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Islamic State lost no less than US$ 60 million in Mosul: Source

 Islamic State lost no less than US$ 60 million in Mosul: Source

Islamic State militants. File photo.

Islamic State militants. File photo.
Mosul (IraqiNews.com) Islamic State lost no less that 70 percent of its assets before being defeated by Iraqi troops in Mosul, a local source from the city told the Russian Sputnik news agency on Sunday.

Speaking on condition of anonymity, the source, who followed on the IS assets in Mosul between 2014-2016, said “most probably, the group lost no less than US$60 million or even more.”

The group, according to the source, used to deal with with unknown individuals for trading at the safe places it hold in Iraq. Those individuals used to work for the group without being doubted to be involved with the militants.

IS depends on its so-called finance department to collect money, in addition to fines and taxes imposed on civilians at the regions that were held by the group throughout the past three years.

On July 10, Iraqi Prime Minister Haider al-Abadi declared victory over IS militants who had held the second largest Iraqi city since 2014. More than 25000 militants were killed throughout the campaign.

Despite declaring the victory over IS in Mosul in July, observers say IS is believed to constitute a security threat even after the group’s defeat at its main havens across Iraqi provinces.

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