Former Argentine president faces 20 years for 'defrauding her country out of $5BILLION'

Former Argentine President Cristina Fernandez de Kirchner was indicted on Friday for defrauding the state out of an alleged $5.2billion.

Federal judge Claudio Bonadio said a scheme to inflate the Argentine peso by selling the central bank's US dollars below market value would not have been possible without Fernandez's approval.

Bonadio is investigating whether the move, enacted in the last few months of her second term, was a deliberate attempt to sabotage her successor, the Argentina Independent reported. 

The judge said the state lost more than $5billion, allowing buyers to make big profits on the transactions. The sales also created a sharp drop in Central Bank reserves

The indictment means prosecutors can move forward and put Fernandez on trial, who could face five to 20 years in prison if she is found guilty. 

Bonadio will continue the investigation with a possibility the case could be dismissed, legal experts told the NY Times, while Fernandez can also appeal the ruling.

The former president, her economy minister Axel Kicillof, former central bank chief Alejandro Vanoli, and 12 others were charged with 'unfaithful administration to the detriment of public administration,' according to court papers.

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