The financial services industry watchdog AFM is poised to go public with a major fraud case, similar in form to the pyramid structure used by US fraudster Bernie Madhoff, news agency ANP reports on Tuesday.

ANP bases its claims on an interview with Marcus Wagemakers, head of the integrity unit at the AFM. The pyramid construction involves using the money put in by new investors to pay the old.
Wagemakers told ANP several similar cases are under investigation. One involves around €70m, another €40m. The investigation is being aided by officials from other government services in the Netherlands and abroad, he said.