The alleged head of the operation is 76-year-old Giovanni Berneschi, the former chairman of Carige, who is accused of questionable accounting methods and poor lending practices. His accused partner in the fraud is Ferdinando Giovanni Menconi, the former chief executive of Carige’s insurance subsidiary. Menconi and Berneschi are both under house arrest.
Together they are suspected of convincing the bank to buy assets at prices inflated up to 50%, and then gaining illicit profits by laundering the money in Switzerland through a series of Italian and foreign proxy companies. Swiss lawyer Davide Enderlin is accused of helping them launder the funds.
Those involved in the scheme allegedly referred to each other using code names such as “the thin,” “the stuffed lady,” and “pear head.” According to information obtained through wiretapping, they may have been colluding with policemen, magistrates, and even intelligence officers.
An inquiry into the group began after a report from the Bank of Italy was issued last year as part of a nationwide investigation involving the Italian banking system. This report exposed the sale of two hotels, the Mercure in Milan and the Pisana in Rome, which were bought by Carige at twice the market price.
After the Bank of Italy requested that Carige clean up its balance sheet, the bank’s management moved assets abroad and into companies based in offshore countries.
Carige is one of the 15 Italian banks being investigated by the European Central Bank.
By Alessia Cerantola. Special to OCCRP by Investigative Reporting Project Italy
