Prosecutors have detained 33 bankers and government officials on suspicion of money laundering and fraud that cost the state €22 million ($28.5 million), The Associated Press reported.

Among those held are three Economy Ministry officials, the deputy chairman of Romanian Development Bank, and the chairman of a state fund that offers banks guarantees in exchange for business loans. The officials have been suspended, pending the inquiry.

Anti-organized crime prosecutors say the group managed to fraudulently obtain bank loans for fictitious businesses that were underwritten by the state fund for small and medium-sized business.

Prosecutors interviewed 100 people and raided some 50 homes and offices in Bucharest, Giurgiu and Calarasi.