The former president and director of the Vatican bank are facing criminal charges for embezzlement.
Angelo Caloia, 75, who presided over the bank for 20 years and Lelio Scaletti, 88, a former director-general, are accused of embezzling money from the sale of 29 Vatican properties between 2001 and 2008. Gabriele Liuzzo, 91, a lawyer, is also under formal investigation.
Vatican authorities have frozen bank accounts containing €17 million (£13.4 million).
The bank said in a statement that it had pressed charges against the three men as part of its "commitment to transparency and zero tolerance, including with regard to matters that relate to a more distant past".
The properties in Rome and Milan were allegedly sold to shell companies for far below market value, Reuters reported. The shell companies then sold them on at vast profit. Agents who advised on the deals were also paid off.
Prosecutor Gian Piero Milano said he suspected the money in the three men's bank accounts "stems from embezzlement they were engaged in".
The Vatican bank, officially known as the Institute for Religious Works (Istituto per le Opere di Religione) said that it had pressed charges against the three as part of its "commitment to transparency and zero tolerance".
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