Corruption case rattles Germany after €100M allegedly transferred to Türkiye

Volksbank Düsseldorf Neuss, a cooperative bank in Germany, is embroiled in a significant fraud case following the disappearance of €100 million from one of its accounts. Reports allege that a former executive of the French fashion company Kiabi embezzled these funds, transferring them to Türkiye with the help of accomplices.

According to a report by Handelsblatt, a German economy-focused newspaper, the substantial sum vanished from an account at Volksbank Düsseldorf Neuss in Frankfurt. This scandal has prompted the cooperative banks’ sector union to urgently call for assistance.

The bank indicated it has fallen victim to “fraudulent activities related to an international transaction” and is currently facing a “request for €100 million with highly questionable legitimacy.”

€100M transferred to Türkiye

Investigations revealed a connection between the former Kiabi executive and this major fraud incident.

The account in question was opened by Kiabi, which found that the executive, whose name remains undisclosed, transferred the money to Türkiye in collaboration with accomplices. Kiabi currently does not have access to the funds.

The executive implicated in the fraudulent activities is now in custody. It remains uncertain whether the missing funds are the bank’s responsibility.

To mitigate financial risk, Volksbank Düsseldorf Neuss announced it has established provisions and secured guarantees from the Federal Association of Volks- und Raiffeisenbanken (BVR). These measures are part of the bank’s efforts to alleviate its financial pressure.

Volksbank Düsseldorf Neuss is the third cooperative bank this year to seek assistance. Similarly, Volksbank Dortmund-Nordwest is reported to need a three-digit million amount from the cooperative banks’ association in Germany.

As of now, the Düsseldorf Public Prosecutor’s Office and the German banking association protection system (BVR) have not issued any statements on the matter.

The bank confirmed that the process is ongoing and that it is taking the necessary legal actions. Developments in the case continue to be closely followed by the German media.