UPDATE 1-Dutch prosecutors arrest three on suspicion of laundering $1.2 billion

Dutch prosecutors on Friday said they have arrested three former employees of a Dutch company suspected of laundering about $1.2 billion for a client in India.

The company bought materials and services for a client that since 2006 has been involved in a major gas pipeline project in India, the prosecutors said without identifying the businesses. The three are accused of forging invoices for the Indian company, enabling it to charge its own gas customers twice.

The proceeds were then allegedly transferred through a web of international businesses to a company in Singapore, owned by the Indian client. The three, who were arrested on Tuesday and will be brought before a court on Friday, are believed to have received around $10 million for forging documents and organising the money laundering.

"Facilitation of the laundering of billions originating abroad by Dutch companies is a serious matter", the prosecutors said. "The losers were probably individual citizens in India, as the costs for the production of gas are passed on to the consumer."

(Reporting by Bart Meijer Editing by David Goodman and David Evans)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)