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December 19, 2011

Greek police arrest 2 over euro300,000 bank fraud



THESSALONIKI, Greece (AP) — Greek police say they have arrested two students for allegedly defrauding a bank out of euro300,000 ($390,000) after hacking into its currency trading system.

A police statement Monday said the two 21–year–old men used an "original hacking method" to manipulate the bank's currency exchange rates over a week. They then allegedly carried out fake transactions worth a total euro1.6 million ($2.09 million), and invested half their gains in U.S. stocks.

Police are seeking a third suspect, who has only been identified as a British national.

Saturday's arrests in Thessaloniki followed a complaint from the bank, and an investigation by Greece's electronic crimes squad.

The suspects were charged with fraud, and released on bail Monday.



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