An organized crime group based in the UK has stolen 1.4 billion kronor (nearly € 54 million) through fraud from two banks and one insurance company in the Czech Republic, Czech Television reported on Monday.

The crime group lured these funds into promissory notes for fabricated contracts for the supply of steel. According to the police, there were at least 21 such cases. Each time, financial organizations provided cybercriminals with loans in the amount of tens of millions of crowns (millions of euros).

Four of the suspects are in the Czech Republic. Three of them are citizens of the republic, and one is a citizen of a foreign state. They were charged with major fraud in banking and insurance transactions. They face ten years of imprisonment.

The Czech police have uncovered an international organized criminal group together with British colleagues.