Approximately 70 individuals have been indicted for fraud and money laundering in connection with a large-scale financial crime case that first emerged in November 2023. The case involves the theft of hundreds of millions of Icelandic krónur from Landsbankinn, allegedly facilitated by exploiting technical vulnerabilities at Reiknistofa bankanna (the Financial Services Center). The District Prosecutor’s office issued the indictments last Friday. According to reports, the current case covers a portion of the total fraud, which amounted to approximately 400 million krónur. The indictment identifies two primary suspects, while four others are charged with complicity. The remaining individuals are charged with money laundering for allegedly receiving funds from the primary suspects. The District Prosecutor has declined to release the full indictment to the media, stating that it has not yet been served to all defendants. The case is scheduled for arraignment at the Reykjavík District Court this coming Monday. The scale of the case has raised questions regarding logistics, as the Reykjavík District Court facilities are not designed to accommodate 70 defendants alongside their legal counsel. While the arraignment is scheduled to take place in the court’s largest courtroom, legal experts note that a full trial will likely require an alternative venue. Precedent for such measures exists; in the 2023 “Bankastrætis Club” case, the court rented an external banquet hall to accommodate 25 defendants and their legal teams. The arraignment on Monday is expected to last approximately six hours.