Former co-op official arrested for dodgy loans

Two people were arrested on Wednesday in connection with a money laundering case of almost €10 million by a co-operative credit company.

According to police reports, the suspects are a 56-year-old former official of the co-operative and a 65-year-old businessman.

The 56-year-old was arrested in connection with offences involving money laundering, theft from directors or company officials and violating the Cooperative Societies Law.

Between 2003 and 2012, the cooperative credit company reportedly granted loans and overdrafts for accounts which violated regulations.

The above data was collected after audits carried out by the cooperative development supervision service and the Central Co-operative Bank for the years 2011 – 2013.
The exact amount of loans, together with the interest, amounts to € 9,823.399

 

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