Panama returns absconder to German courts

alt(newsroompanama.com) A man who fled Germany after he was put on trial for allegedly defrauding investors of €16 million ($22 million) is back in the country after being arrested in Panama.

Investigators in the western state of Saarland said the 72-year-old was handed over to German officials on Monday and is now back in the country. They didn't identify him.

Authorities said Thursday November 11) that the man fled last year, apparently fearing his fraud trial had got off to a bad start.

He is accused of defrauding investors in 258 cases — financing a luxurious lifestyle, largely in the Spanish resort of Marbella.

Investigators say properties in Italy and Spain were seized ahead of the trial along with expensive cars, gold bars and other luxury items worth an estimated €12 million. The trial is to resume shortly.
 

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Original Source: Newsroompanama.com

Date Retrieved: November 11, 2010.