Lebanon has formally charged prominent Shiite businessman Salah Ezzedine with fraudulent embezzlement, a crime punishable by up to 15 years in prison.

Ezzedine, who has close links with Hizbullah, is suspected of depriving investors of hundreds of millions of dollars.

He turned himself in to authorities last month after declaring bankruptcy and has since been held in custody.

Ezzedine is suspected of creating a phony embezzlement scheme that promised investors returns of up to 40 percent a year. His case has drawn comparisons in Lebanon with that of Bernard Madoff.

Acting financial prosecutor Fawzi Adham charged Ezzedine and a partner, Youssef Faour, with fraudulent embezzlement, issuing bad checks and violating the Lebanese monetary and loan laws.

Five others have also been charged with involvement in the case, but are on the run, a court official said.

Ezzedine and Faour have been referred to an investigating magistrate for further investigation before a date is set for their trial.

Ezzedine, a wealthy tycoon from the village of Maaroub near the southern port city of Tyre, is a prominent financier, particularly among Shiite circles in Lebanon.

He is the owner of Dar al-Hadi Publishing House, which has published religious Shiite books, including books by Hizbullah officials.

The allegations have tarnished a reputation Ezzedine had as a devout man involved in charity work. He headed an institution that organized pilgrimage trips to Muslim holy cities of Mecca and Medina in Saudi Arabia.

Recent media reports in Lebanon have said that Hizbullah has had business dealings with Ezzedine, somewhat shaking the Shiite group’s image as an austere resistance movement. Hizbullah, however, has denied any involvement in Ezzedine’s business dealings.

Many Muslims consider interest paid by banks as un-Islamic and therefore prefer to invest their money in businesses such as the ones run by Ezzeddine.(AP photo shows a man checking books at Dar al-Hadi.)