FORMER Bankia and IMF chief Rodrigo Rato has been arrested for fraud and money laundering.

Rato, 66, was escorted from his Madrid home by officers from Spain’s tax authorities on Thursday after a search of the premises.

They suspect him of trying to lift embargoes on goods through a complex corporate network in various countries, set up in several family member’s names.

Companies set up in the names of his ex-wife, Maria Alarco, three children, sister and niece are all under investigation.

Rato is already being investigated for fraud during his time as chief executive of the Spanish bank, Bankia, which had to be bailed out by the government.

Rato served as a prominent member of the PP and was Spain’s finance minister under Jose Aznar’s government as well as a leading figure under current Prime Minister Mariano Rajoy.

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