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DIICOT prosecutors are investigating the trail of one million euros paid for a six-million-euro loan in the case involving Călin Georgescu

Riana Gegiu

2 November 2026, 11:57

Current Affairs

Foto: Facebook/ DIICOT Romania

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DIICOT prosecutors are tracing the path of one million euros paid by businessman Răzvan Leu as a guarantee for obtaining a six-million-euro loan. The loan promised by a bank in the United Kingdom may not have been granted, and investigators are trying to establish where the money ended up and who controlled it.

According to documents cited in a press investigation, the sum was allegedly initially transferred to an account opened at Incore Bank in Zurich, through Migom Bank, an entity registered in Dominica. Investigators identify Swiss banker Thomas Schätti as the beneficial owner of the account.

Subsequently, more than four million euros were allegedly transferred from the same source to Baltic International Bank SE in Riga. DIICOT is checking whether this sum also included the million paid by Răzvan Leu, together with funds belonging to other clients.

The investigation is tracing the financial circuit, the origin of the money, and the role of the people involved in Călin Georgescu’s case. The case file also mentions allegations concerning the use of approximately 21 million euros to purchase shares in the Latvian bank; however, these allegations stem from a withdrawn civil action and do not constitute definitively established facts. The persons concerned benefit from the presumption of innocence.

Context: DIICOT gathered evidence in the Georgescu case, including through asset seizure and a request for a hearing in Italy

Before investigators checked the trail of the €1.1 million guarantee, DIICOT ordered the seizure of several bank accounts opened in Călin Georgescu’s name, as a precautionary measure in a case in which he is being investigated for forming an organized criminal group and fraud.

At the same time, prosecutors issued a European Investigation Order for Massimiliano Arena to be questioned in Italy, with investigators claiming that he acted as a representative of an entity presented as a foreign financial institution, to which the money transferred by Răzvan Leu to obtain financing allegedly ended up.

In parallel, previous investigations showed that the Latvian bank Baltic International Bank SE, involved in the financial circuit described by the investigation, was sanctioned and closed by the European Central Bank in 2023, while in 2025 the General Court of the European Union found serious breaches of legislation on combating money laundering and terrorist financing.