Dennis Hastert
Former US House Speaker Dennis Hastert was indicted on two bank-related charges on 28 May by federal prosecutors.Reuters/John Gress

Former US House Speaker Dennis Hastert was indicted on 28 May by federal prosecutors for two bank-related charges. The 73-year-old is accused of making false statements to authorities about bank withdrawals of over $1.7m (£1.1m).

Hastert, who became a Washington lobbyist after leaving Congress, allegedly lied to the FBI agents and withdrew money from a bank to avoid having the transactions reported. The indictment filed in the US District Court for the North District of Illinois chronicled over four years of activity.

According to the Washington Post, prosecutors allege Hastert met an unidentified person from Illinois in 2010 and agreed to give that person "$3.15m in order to compensate for and conceal his prior misconduct against" that individual in the past.

The indictment stated Hastert then provided that individual with cash payments. The unidentified person, who was a resident of Yorkville, Illinois, knew Hastert for most of their lives.

The seven-page indictment stated that from about 2010 to 2014, Hastert withdrew about $1.7m in cash from various bank accounts to give to that individual. Hastert allegedly made 15 withdrawals from June 2010 to April 2012 of $50,000 despite restrictions on withdrawals of more than $10,000.

After being questioned by bank representatives, Hastert began to withdraw money in increments less than $10,000, the indictment stated. An investigation into Hastert's withdrawals by the FBI and the IRS began approximately in 2013.

Both of the counts carry a potential sentence of five years in prison and a $250,000 fine, the Post reported.