Heads of a Bank in Italy Arrested for Deliberate Bankruptcy
Financial police officers in Italy have arrested the president and CEO of the Bank for Economic Development in the Sicilian city of Catania. They have been charged with willful bankruptcy and other financial crimes.
As part of the operation, codenamed Fake Bank, Sicilian investigation officers have been able to track numerous illegal financial transactions carried out by senior credit institutions. In collaboration with 18 others, they brought the bank into bankruptcy.
RIA Novosti announces that all defendants in this case have been notified of the completion of the preliminary investigation.
The investigation started in 2016 and covered at least 11 Italian regions including Lombardy, Sicily, Veneto, Tuscany and Campania. Suspects were traced to and arrested in Germany, Switzerland and Bulgaria, The Guardian reported.
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