Switzerland-based Credit Suisse seems to have landed in trouble recently. In a Swiss court on Monday, the investment banking company will face charges of allowing an alleged Bulgarian cocaine trafficking gang to launder millions of euros. Some of it seems to have been stuffed into suitcases.
According to the Swiss prosecutors, the country’s second-biggest bank and a former relationship manager of the organisation did not take all the required steps to prevent the alleged drug traffickers from hiding and laundering cash from 2004 to 2008.
In what is the first criminal trial of a major bank in Switzerland, the prosecutors are seeking around 42.4 million Swiss francs in compensation from the bank.
The indictment in the case runs into over 500 pages. It centres on the relationships that Credit Suisse and its ex-employee had with former Bulgarian wrestler Evelin Banev and multiple associates. In the case, a second indictment charges a former relationship manager at Julius Baer with facilitating money laundering.
Credit Suisse has said that it would “defend itself vigorously in court”.
In a statement to Reuters, the bank said, “Credit Suisse unreservedly rejects as meritless all allegations in this legacy matter raised against it and is convinced that its former employee is innocent.”
(With inputs from agencies)