Two Bulgarian nationals have admitted stealing nearly $20,000 from local banks as part of an international money-laundering operation.

Chavda Bachev and Georgi Todorov repeatedly plundered cash from the three banks in February of this year and then tried to transfer the funds outside of Bermuda.

They appeared at Supreme Court last week to plead guilty to a raft of charges relating to the theft of $4,500 from HSBC, $4,100 from Butterfield Bank and $11,300 from Clarien.

Bachev, 42, also admitted two counts of money laundering that involved him trying to transfer the funds outside Bermuda, while Todorov, 41, admitted one similar money-laundering charge.

The thefts occurred from ATM machines in Pembroke and Warwick on multiple occasions between February 12 and 14 of this year,

It is understood that the two men used “cloned” bank cards where customer information has been unlawfully obtained and imprinted on to the cards to steal the money.

The pair, both from Sofia in Bulgaria, were remanded in custody until later this month when a sentencing date is expected to be set.

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