5 banks seizure over diamond fraud

(ANSA) - Milan, February 19 - Italian tax police on Tuesday seized over 700 million euros in a probe into suspected diamond fraud involving five banks: Banco BPM, UniCredit, Intesa Sanpaolo, Monte dei Paschi di Siena (MPS) and Banca Aletti. The probe is into a suspected fraud on the sale of diamonds to investors and savers, police said.
    Milan tax police, from the Guardia di Finanza, carried out the seizure decree.
    Among the conned clients was rocker Vasco Rossi, police said.
    Among those under investigation is the general manager of Banco BPM, Maurizio Faroni, police said.
    He is accused of complicity in fraud, self money laundering and obstructing oversight functions.
    Other Banco BPM managers are under investigation as well as the heads of the two companies, IDB and DPI, which sold the jewels to investors.