Swindler deludes authorities and transfers 30 million Euros overseas

An inquiry carried out by judicial authorities and customs services have revealed that a businessman has used the credit facilities allocated by the authorities to businessmen willing to invest in milk production, to transfer more than 30 million Euros to European banks and leave the country, Echourok has learnt.

• The crook has succeeded to lure the authorities and received tax- free loans as part of the National Committee for the Promotion of Investments Program in a bid to supply the Algerian market with dairy products after importing powder milk and transform it in production units, he pretended he owned.
• The swindler was importing powder milk on the basis of 5.6 Euros the kilogram but he was retailing the same product to other producers with a lower price because the man didn’t posses production units to transform it into milk.
• Actually, the investigators have discovered that the presumed unit was but an 80 meter square room rent on a short term contract by the man.