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Moldovan central bank reports 1st progress in banking sector fraud probe

The said March25 that it has received its first formal briefing from Kroll, a corporate investigations and risk consulting firm that the central bank hired toinvestigate the of three lenders in late2014.

The briefingsaid evidence was found that Bancade Economii SA, BC BancaSociala SA andBanca Comerciala UNIBANK SAwere part of coordinated fraud practices. Specifically, Kroll reported that its proberevealed that businessman Ilan Shor and his affiliates were involved in the acquisitionof shares in the three banks in late 2014, while also directly controlling importantdecision-making within the lenders, approving loans to companies that were neverintended to be repaid.