Romanian police open investigation into missing funds from Bancpost accounts

updated 12:14 p.m. ET May 8, 2008

BUCHAREST, Romania - Romanian police have opened a fraud investigation involving Bancpost after dozens of citizens filed complaints saying their accounts had been depleted.

Police say they are looking into a series of suspicious cash withdrawls from ATM machines in Romania and Bulgaria that prompted Bancpost to bloc debit cards on May 2.

The withdrawls drained up to ??300,000 (US$460,000) from multiple accounts. The bank says it will cover all lost funds.

Police suspect inside bank information was used in duplicated debit cards.

Bancpost is the only Romanian bank that does not impose a maximum daily cash withdrawal from ATM machines. Bancpost is part of Greek-based banking organization Eurobank EFG.

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