Dutch financial institutions and individuals may have lost a combined 1.9 billion euros (2.6 billion U.S. dollars) to the pyramid investment scheme set up by alleged U.S. fraudster Bernard Madoff, Dutch media reported Thursday.

Accused swindler Bernard Madoff exits the Manhattan federal court house in New York , in this Jan. 14, 2009 file photo. Madoff took the first public step to a guilty plea on criminal charges of running a 50 billion U.S. dollars investment fraud over many years, according to court papers March 6, 2009.(Xinhua/Reuters Photo)

Dutch pension funds put 166 million euros (230 million dollars)into Madoff’s fraudulent firm in the United States, and insurance firms invested 1 million euros (1.38 million U.S. dollars), the central bank was quoted as saying.

Madoff allegedly used new investors’ money to pay dividends to old clients.

Dutch private investors lost some 200 million euros (277 million dollars) to the scam, Dutch Finance Minister Wouter Bos told parliamentarians on Wednesday, adding that more than 1,000 individuals are involved.

VietNamNet/Xinhuanet