Argentine ex- president indicted for defrauding country $5.2billion

Cristina Fernandez de Kirchner 

Former Argentine President Cristina Fernandez de Kirchner was indicted on Friday for allegedly defrauding her country of $5.2 billion.

Justice Claudio Bonadio said a scheme to inflate the Argentine currency, Peso, by selling the Argentine Central Bank's US dollars below market value wouldn't be possible without the approval of Fernandez.

The federal judge, Bonadio is investigating if the move which occurred in the last few months of her second tenure was a deliberate attempt to sabotage her successor. The judge said the state lost more than $5billion allowing buyers to make big profit on transactions. It also created a sharp drop in Central Bank reserves.

According to Argentina Independent, the former president, her economy minister, former central bank chief and 12 others were charged with 'unfaithful administration to the detriment of public administration'.

The indictment means that prosecutors can put the former president and others on trial and if found guilty, could attract between five to 20 years jail sentence.