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Hezbollah’s Money Trail Uncovered: Gold Bars and Suitcases Buried in the Ground

ByEditor

Feb 11, 2024

A mysterious hack by a group of hackers rocked Lebanon in December 2020. The group, known as SpiderZ, leaked the details of almost 400,000 accounts associated with al-Qard al-Hasan, a semi-banking financial institution that identifies itself as a charity offering loans and operating community funds for the Shia community in Lebanon. The hack revealed to the public documents that shed light on the associations true activities and its ties to the terrorist organization Hezbollah. The hackers sent private messages to customers urging them to withdraw their money and stop paying their loans before it’s too late. The association’s CEO, Adel Mansour, a veteran Hezbollah financier, described the attack to be “an intelligence attack” or “a foreign intelligence organization.” The association was initially established as “The House of Muslim Finance” in 1982, following the civil war in Lebanon. It provided loans on a small scale and for changing needs, and reported that its main sources of funding are commissions paid by borrowers, joining fees, subscription fees, and donations. The al-Qard Al-Hassan Association does not have an official website. On his Facebook page, a speech by Nasrallah, leader of Hezbollah is shown in which he praises the activities of the association but disavows the direct connection between Hezbollah and the association. This may be one of the reasons why the association developed a network of money smuggling to evade American sanctions. The association’s method of transferring funds is carried out in cash and crypto and through criminal networks, which generate hundreds of millions of dollars a year. The Lebanese economy turned into a country where more than 80% of its residents are below the poverty line. The same crisis also led to inflation and the economic collapse that later came the coronavirus and the explosion in the port of Beirut in August 2020. This sparked the economic need that the al-Karch al-Hassan was able to answer with food stamps and interest-free loans. The Hezbollah organization breathed new life into the Shiite population and was able to stay above water; this allowed them to get through the difficult economic period in a better situation than the population.

By Editor

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