The ex-president of the Administration Board of Banca de Economii (BEM) Grigore Gachkevich was arrested for 72 hours in a new case concerning the frauds committed at this bank. He is suspected of violating the lending rules in the period he headed the bank by releasing a loan of €1.7 million to a business entity, IPN reports.

According to the National Anticorruption Center, Gachkevich faces up to seven years in jail.

Grigore Gachkevich, alongside other members of the former administration of BEM, will stand trial for causing considerable damage to the bank. Among the defendants are the ex-heads of the Lending Division, Security Division and Legal Division. The case was sent to court in April 2013.

Currently, the former chief of Banca de Economii is in the custody of the National Anticorruption Center over other charges concerning the BEM frauds.