Spanish national police raided ICBC’s Madrid offices on Wednesday as part of an investigation into money laundering and tax fraud by Chinese gangs. Five of the bank’s management staff were detained.
Police reported that the money laundering case involves a total of at least 40 million Euros. EFE News said that the figure end up being higher as the investigation continues. The Global Times attempted to contact ICBC Madrid for a statement but was unable to reach the bank.
The ICBC action follows a large police raid in May last year, Operation Snake. A representative from the investigation has since confirmed “the existence of a criminal network in this ICBC branch in Madrid.” The bank helped Chinese gangs illegally transfer money from Spain to China.
ICBC Madrid officially opened in January 2011 and was the first overseas branch of the bank. Its customers included overseas Chinese-funded institutions.
Source: inews.qq.com
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Keywords: ICBC Madrid ICBC Spain ICBC
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