( CNN ) -- Eight former executives and agents of Siemens AG and its subsidiaries have been indicted in a bribery scheme alleging that they paid or promised Argentine officials $ 100 million to land a contract worth 10 times as much , the U.S. Justice Department said Tuesday . They are charged with violating the Foreign Corrupt Practices Act , wire fraud and money laundering . None of the defendants named in the indictment is in the United States . Justice officials said those involved in the decade-long scheme are from Germany , Switzerland , Argentina and other countries . According to the indictment , the Siemens executives paid millions in bribes in 1994 to secure a bid to create a national identity card system in Argentina . After the project faced suspension in 1999 , the defendants are accused of promising even more bribes to the next presidential administration to keep the project afloat . To top it off , once the project met its demise in 2001 , Siemens filed an arbitration claim against Argentina claiming wrongful termination of the contract and seeking $ 500 million in lost profits . The company hid from the proceedings that it had illegally acquired the contract in the first place , the indictment said . Justice Department officials praised Siemen 's cooperation and said the company that has 60,000 employees in the United States played a large and cooperative role in exposing the alleged conspiracy . The eight indicted men include Uriel Sharef , former member of the central executive committee of Siemens AG ; Herbert Steffen , former CEO of Siemens Argentina ; and Andres Truppel , former CFO of Siemens Argentina . Also named in the indictment are Ulrich Bock , Stephan Signer and Eberhard Reichert , former senior executives of Siemens Business Services ; and Carlos Sergi and Miguel Czysch , who were agents of Siemens in the alleged bribe scheme . `` There were few lines these executives were not willing to cross , '' said Robert Khuzami , director of enforcement at the Securities and Exchange Commission . Assistant Attorney General Lanny A. Breuer said , `` Today 's indictment alleges a shocking level of deception and corruption . '' In short , the company committed to pay more than $ 100 million in bribes to win the $ 1 billion contract , Breuer said . About $ 60 million was allegedly paid , he said . `` Business should be won or lost on the merits of a company 's products and services , not the amount of bribes paid to government officials , '' Breuer said . Ronald Hosko , special agent in charge of the FBI in Washington , said corruption is among the FBI 's highest investigative priorities , adding , `` Foreign bribery is not an acceptable business practice . Backroom deals and corrupt payments to foreign officials to obtain business wear away public confidence in our global marketplace . '' If convicted , the defendants could each be sentenced to 20 years in prison and face fines , officials said . CNN 's Jim Barnett contributed to this report .
Former government officials are accused of paying more than $ 100 million in bribes . The bribes allegedly were to get a $ 1 billion loan from Siemens . The firm even tried to hide its losses when the project was terminated , he said .