Vatican indicts ex-bank head, says embezzlement loss is $62M

Vatican indicts ex-bank head, says embezzlement loss is $62M

Vatican indicts ex-bank head, says embezzlement loss is $62M

Members of the Swiss Guard march in front of the Torre di Niccolo, the headquarters of the Institute for the Works of Religion, better known as the "Vatican bank." (Credit: Stock image.)

Vatican prosecutors have indicted the former president of the Vatican bank and his lawyer on embezzlement charges, holding them responsible for losses of more than 50 million euros ($62 million) from real estate sales.

VATICAN CITY — Vatican prosecutors have indicted the former president of the Vatican bank and his lawyer on embezzlement charges, holding them responsible for losses of more than 50 million euros ($62 million) from real estate sales.

The trial of Angelo Caloia and his lawyer is due to begin March 15. A third suspect died while under investigation.

The Institute for Religious Works said in a statement late Friday that Caloia and his lawyer were charged with alleged acts of embezzlement and self-laundering between 2001 and 2008, when the bank disposed of “a considerable part of its real estate assets.”

The IOR, as the bank is known, is joining a civil case alongside the criminal trial to try to recover some of the Vatican’s losses.

Caloia and the lawyer deny wrongdoing.

Latest Stories

Most Read

Crux needs your monthly support

to keep delivering the best in smart, wired and independent Catholic news.

Latest Stories