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Vatican Bank's former president charged in $61M embezzlement probe

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Vatican Bank's former president charged in $61M embezzlement probe

Angelo Caloia, who served as the president of the Vatican Bank from 1999 to 2009, was charged with embezzlement and money laundering of over $61 million, The New York Times reported March 3.

Caloia's lawyer, Gabriele Liuzzo, will also stand trial on charges brought up by the bank, also known as Istituto per le Opere di Religione, arising from losses on real estate sales.

The former director general of the institution, Lelio Scaletti, who was also under inquiry, died a few years ago.

The bank seeks to recover compensation for the damages, which occurred between 2001 and 2008.

The trial is expected to begin March 15.