Czech banks and one insurance company robbed of 1.4 billion

An international gang has deprived two Czech banks and an insurance company of 1.4 billion crowns in a sophisticated fraud scheme involving fictitious steel trading, Jaroslav Ibehej, spokesman for the National Centre for Combatting Organised Crime told reporters. He said Czech and British police had  investigated the case together as the heads of the gang operated from Great Britain. Three Czechs and one foreign national have been charged with fraud. The stolen money was reportedly channelled abroad.