Eric Garcia, a former director of Curaçao-based , was arrested on charges thathe embezzled over $10 million, the CuraçaoChronicle reported July 20.

Garcia's house and office reportedly were searched followinghis arrest.

The arrest comes weeks after Girobank filed a complaint againstboth Garcia and fellow former director Stephen Capella in late June, claiming thatboth failed to act in accordance with bank guidelines. Both have been accused offraud and embezzlement.

Allegedly, Garcia and Capella embezzled the money from Girobankby creating a $7.3 million loan that was funneled to companies controlled by thedirectors; they also reportedly made an improper $3 million transaction.