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Several European banks are on the list of losers due to the Madoff fraud scheme (Photo: Wikipedia)

EU banks hit by massive US fraud scandal

Several European banks feature on the long list of institutions hit by an alleged €36.5 billion fraud scheme by the US trader Bernard Madoff, described as one of the biggest cases of its kind.

Spain's largest bank, Santander, which owns the UK High Street banks Abbey, Alliance & Leicester and Bradford & Bingley is one potential loser, with direct exposure of €17 million plus an extra €2.3 billion invested in the US firm by the bank's Optimal fund management arm, BBC reported.

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Several European banks are on the list of losers due to the Madoff fraud scheme (Photo: Wikipedia)

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