Greek authorities charge 25 over allegedly inadequately secured bank loans to businesses

Greek authorities have charged 25 people and arrested three following an investigation into allegedly inadequately secured loans from the former Hellenic Postbank to local businessmen.

Judicial officials said Thursday two former bank officials and the owner of private Alpha TV station have been arrested on criminal charges including fraud and money laundering.

A total 25 people — including former top bank executives — have been charged over the loans, which allegedly resulted in 500 million-euro losses for the Greek bank.

Hellenic Postbank was merged last year with Greece's Eurobank under a program to restructure the financially struggling country's banking sector.

Police said the arrests were made late Wednesday. The media owner was not taken into custody as he was undergoing treatment in a hospital where he remains under guard.