“Fraud of the Century”: former interim president of BEM Viorel Birca was convicted in Moldova for embezzling a large sum of money

On Monday, a Moldovan court sentenced a banker who skillfully siphoned off $1 billion through a fraudulent scheme to be flown abroad to 10 years in prison. The Anti-Corruption Prosecutor’s Office found him guilty of massive fraud and actions in favor of a criminal group in 2014-2015.
The prosecutor’s office claimed that Birca organized several transfers abroad totaling $100 million while serving as chairman of the board of Banca de Economii (the former leading bank in Moldova). He denied all allegations against him.
It should be noted that Birca is not the first person to be convicted in this case. Last year, a Moldovan court sentenced business tycoon Ilan Shor to 15 years in prison in absentia in connection with the case, which at the time amounted to 12% of Moldova’s gross domestic product.

While in exile in Israel, Shor organized opposition rallies against the pro-European administration of President Maia Sandu. Later, the Constitutional Court of Moldova outlawed his political party.
Another alleged figure behind the fraud, Vlad Plahotniuc, had a huge influence on all aspects of Moldovan public life before he fled the country in 2019. He also remains at large and is believed to be in Northern Cyprus.

The fraud case is so high-profile that it continues to reverberate in Moldovan politics a decade after the events.
Last month, the Moldovan parliament dismissed the governor of the central bank, Octavian Armasa, for failing to recover money lost as a result of the scandal.