World banks affected by fraud
Published:Monday | December 15, 2008 | 1:37 PM
Some of the world\'s biggest banks have revealed that they are victims of a US$50 billion fraud.
Britain\'s RBS, Spain\'s Santander and France\'s BNP Paribas are among the affected banks.
The Royal Bank of Scotland said it could lose about 400 million pounds, if all its investments have to be written off.
The former chairman of the Nasdaq stock exchange Bernard Madoff has been charged with fraud in what is being described as one of the biggest cases.
Mr. Madoff is alleged to have used money from new investors to pay off existing investors in the fund.
A federal judge has appointed a receiver to oversee the assets and customer accounts of Mr. Madoff firm\'s.
The 70 year old banker has been released on $10 million bail.