Greeks arrested, Briton arrested over online bank scam

19th December 2011, Comments 0 comments

Greek police have arrested two youths suspected of stealing over 309,000 euros from an international bank, officials said Monday.

A 21-year-old Briton is also sought in connection with the case in Thessaloniki.

An official police statement did not identify the bank, but a police source said it was Citibank.

The suspects allegedly tampered with the online exchange rate systems to create artificial parity between euros and British pounds. A pound currently trades for 1.2 euros.

They then made multiple euro-pound conversions worth 1.65 million euros ($2.15 million, 1.39 million pounds) over a week, using their own bank accounts and pocketed the difference from the artificial exchange rate.

Part of the money had been invested in stocks and mutual funds.

The two 21-year-old Greeks were arrested last week.

© 2011 AFP

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