They sold diamonds at twice their value and they collected hefty commissions by deceiving customers, who thought they would pay off their savings but would never get back on investment. The alleged fraud reconstructed by the Milan Public Prosecutor's Office led to the preventive seizure of over 700 million euros against five banks (Banco Bpm, Unicredit, Intesa Sanpaolo, Mps and Banca Aletti) and two companies specializing in the sale of diamonds (Intermarket Diamond Business and Diamond Private Investment). In all, there are around 70 suspects: among them also several executives of credit institutions, accused for various reasons of self-laundering, aggravated fraud and corruption between private individuals.
So far the Guardia di Finanza has identified about a hundred alleged scammers. The list includes some well-known faces: the singer Vasco Rossi (which has invested two and a half million in diamonds), Federica Panicucci (54 thousand euros) e Simona Cuts (29 thousand euros). Among the people deceived there should also be the pharmaceutical entrepreneur Diana Bracco. The number of savers involved, however, is destined to rise.
The system has moved on by 2012 to 2016, so much so that both banks and companies specializing in precious stones had been fined by the Antitrust for 15 million euros. Last month the Intermarket Diamond Business was declared bankrupt by the Court of Milan.
According to the Milan prosecutor's office, the banks offered customers to invest their savings by buying precious stones: the institutes thus became brokers of the two companies, while collecting very high commissions. Naturally, prices were inflated and they were used to convince savers even false quotes in newspapers. Of this mechanism bank executives would have been aware. Clients, on the other hand, trusted the institute without ascertaining the real value of the stones.
In detail, the seizure for the hypothesis of fraud is 149 million against IDB, 165 million against DPI, 83,8 million against Banco Bpm and Banca Aletti, 32 million against Unicredit , 11 million to be paid by Intesa Sanpaolo and 35,5 million by MPS. For the hypothesis of self-laundering, the seizure is 179 million for IDB and 88 million for DPI.
SECURITY UPDATE TRAINING
Banco Bpm announces that it has "resolved to make adequate provisions in the 2018 financial statements necessary to monitor the potential risks associated with disputes and the consequences of this event to protect its customers, with whom the Bank has already been defining for months numerous cases, many of which have already been resolved.
The institute also points out "that since the start of the proceeding Banco BPM, fully trusting in the work of the investigating authorities, has collaborated with the judiciary in carrying out the investigations, providing effective support in identifying the elements necessary to shed light on the events related to IDB's sales to its customers".
