(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.
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