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Siemens Fraud

One of the most recent forms of fraud was been discovered in the German company, Siemens.

The siemens fraud is still being investigated and it is suspected that a large group of employees was involved in embezzlement and conducted bribes to win certain contracts.

It is estimated that over 200 million Euros was been embezzled and many arrests have been made and are still taking place.

Employees of Siemens had set up various bank accounts in foreign countries to commit fraud at the expense of the technology giant.

The investigation revolved around the use of mainly Swiss bank accounts set up as dummy companies to channel large sums of money out of Siemens. One of the fraudulent activities that went on in the early 1990's involved the Italian telecommunications industry.

It is suspected that certain Siemens employees bribed people to enter the growing telecommunications market as well as the Italian gas industry.

Authorities in Italy have been investigating siemens fraud since 2004 of suspicious bribery and corruption activities involving payments to fake consultants among other indiscretions.

The result of the siemens fraud is that more than 30 Siemens employees' homes and offices were searched and 36 thousand archive files were confiscated for investigation and prosecution purposes.

The money laundering operations and bribery allegations were brought to the attention of the authorities by a whistle blower inside the corporation.

Various high profile company executives in different sectors such telecommunications and real estate as well as lower paid workers have been arrested. It was noted that Siemens were cooperative during the investigation.

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