Five arrested in Georgia for fraudulent misappropriation of funds from over 40 victims - Investigation Service

The Investigation Service of the Ministry of Finance of Georgia on Thursday said it had detained five individuals for fraudulent misappropriation of “large amounts of funds” belonging to more than 40 individuals both in the country and abroad.

The members of an organised group fraudulently misappropriated ₾ 620,584 ($228,155) through their activities, the body added.

It said  the investigation had found the individuals had developed a fraudulent scheme  and posed as employees of a commercial bank registered in Italy, promising “high returns” in exchange for their victims transferring money to accounts operated by the group.

The Service said the investigation was working to identify  other individuals involved in the crime, which is punishable by seven to 10 years in prison.