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Home > Diamond News Center > Diamond News > World

Antwerp Diamond Bank Facing Fraud Allegations

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Yong hian Lim |  Enlarge
Bag of money
The Antwerp Diamond Bank stands accused of criminal activities, including fraud and money laundering, and may soon have to answer for these charges in court, Rough and Polished reports. The ADB, a subsidiary of Belgium's Flemish KBC Bank, is the target of a 25-page complaint filed by lawyer Hans Rieder which asserts that it is guilty of fraud amounting to several million dollars. Rieder says that diamond industry players from other countries who are ADC clients are also connected to the wrongdoings.

According to Rieder's allegations, the illegal acts began after the financial crisis of 2008 hit the Belgian diamond industry hard, which made it exceedingly difficult to pay back millions of dollars of debt. ADB has refused to comment on the allegations.

ADB may face court proceedings as early as next month, Belgian media said. On top of criminal charges, ADB could be forced to pay fines of over $100 million, according to Rough and Polished.

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