The former head of Danske Bank’s branch in Estonia who went missing on Monday morning, has been found dead by the Estonian police.
Aivar Rehe, who oversaw Danske Bank operations in Estonia from 2006-2015, was reportedly found dead in his own back yard.
The Estonia news outlet EER has reported that Rehe took his own life.
The massive case is being investigated by authorities in several countries and Rehe has denied having any knowledge of it, although he accepted responsibility due to his position as head of the bank.
An estimated 1.5 trillion kroner was funneled through Danske Bank’s branch in Estonia on the way to other western banks by foreign clients between 2007 and 2015.
It has not yet been ascertained what proportion of that amount would be considered suspicious and fall into the money-laundering category, but the bank’s internal investigation indicated that it is a significant amount.
Disaster for Danske Bank
A dozen former Danske Bank employees have been detained by the authorities as part of the case, although Rehe was not among them. He is not considered a suspect either.
The case has hit Danske Bank hard, with the bank facing lawsuits from disgruntled investors who suffered major loses when the bank’s shares nosedived in the wake of the scandal being revealed.