(MENAFN) Over 22,000 bank account holders were deceived in an alleged mega fiddle involving over-priced diamonds that led police to seize more than USD790 million from five Italian banks.
Two Italian companies, Intermarket Diamond Business (IDB) and Diamond Private Investment (DPI) allegedly bribed executives at five banks - Banca Aletti, Banco BPM, Intesa Sanpaolo, Monte dei Paschi di Siena, and UniCredit - with gifts worth 99,000 euros in exchange for recommending their diamonds as investments to clients in 2012-2016.
Among the victims are Italian rock star Vasco Rossi, who reportedly invested 2.5 million euros in diamonds sold to him at extravagant prices on the recommendation of BPM Bank, and industrialist Diana Bracco, who owns a pharmaceuticals multinational, a TV presenter, and a showgirl.
Il Sole 24 Ore business and financial newspaper said: "of the five banks affected by the seizure of 743 million euros by the Finance Guard in Milan, Intesa Sanpaolo, Monte dei Paschi di Siena and UniCredit have already begun refunding their clients."
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