It was described as one the biggest heists in the history of bank robbery: more than $400m reportedly stolen from Mosul financial institutions by the Islamic State of Iraq and Levant, known as Isis, as it seized control of Iraq’s second-largest city of Mosul last month.

But Iraqi bankers in Mosul and the capital, Baghdad, are saying the robbery never took place and that the cash remains inside the vaults of the city’s banks.

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