Spanish authorities raid Chinese bank in Madrid over money-laundering allegations

ICBC bank's director arrested as criminal ring implicated €300 million fraud probe

LAST UPDATED: 17 Feb, 2016 @ 22:24
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POLICE investigating money-laundering have launched a dramatic raid on the Madrid branch of a Chinese bank.

Spanish authorities are probing an alleged €300 million fraud by the Industrial & Commercial Bank of China Ltd.

FRAUD: Guardia Civil raid Chinese bank HQ in money-laundering probe
FRAUD: Guardia Civil raid Chinese bank HQ in money-laundering probe

The Guardia Civil and the Anti-Corruption Attorney’s Office are searching for evidence that the bank helped a criminal organisation transfer 300 million from Spain to China.

The bank’s director was one of those arrested in the raid which folllows a three-year investigation.

It is believed that Chinese wholesalers which sell items to Spanish branches are the target of the operation.

Criminal gangs are alleged to then be collecting money from  Chinese discount shops and avoiding import duties on goods.

Wednesday’s raid follows the arrests last year of 30 people in connection with the investigation.

 

 



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12 COMMENTS

  1. Often wondered how Chinese “eat all you want” buffets could be so much cheaper than any other eateries. Then there are the “bazaars”…..

    • Unsavory facts regarding restaurant and home cuisine…
      2016 — “Just days after bringing roadkill to a Chinese restaurant in Concord (North Carolina), the owner is apologizing for what he calls a “mistake.” ……
      According to WSOC-TV, the health department confirmed that the deer had been cut up in the restaurant’s parking lot and brought inside to the sink. …….
      Health inspectors will continue to perform surprise visits at the restaurant and do more frequent inspections.” — CONCORD, N.C. (“http://myfox8.com/2016/01/21/owner-apologizes-for-bringing-roadkill-to-nc-chinese-restaurant/”)
      ………
      2012 — “A Chinese restaurant in (Williamsburg) Kentucky has been closed down by officials after roadkill was found inside its kitchen, reports say…..
      (C)ustomers dining at Red Flower Chinese Restaurant in Williamsburg, Ky., reportedly spotted a dead deer stuffed inside a trash can that was dragged into the establishment’s kitchen.
      “Upon arrival, I confirmed they did have a deer carcass in the facility,” said environmental health inspector Lawson.
      He told Lex18.com that the animal “had already been gutted” ….., which raised “many health and illness” concerns. The restaurant was immediately shut down …..
      “They said they didn’t know that they weren’t allowed to,” Lawson said, adding that he was concerned this may not have been the first time that the restaurant has brought roadkill onto its premises.
      According to an earlier report by The Huffington Post, a U.K. man named Jonathan McGowan has been living off roadkill for more than three decades.”
      (“http://www.huffingtonpost.com/2012/10/01/roadkill-chinese-restaurant-kentucky-closed-after-dead-deer-kitchen_n_1929241.html”)

  2. Sometimes facts are, well, facts. Yes, I would expect racism in a place like Manchester, too. In our case the restaurant was on Regent St, Madison, WI, USA in the late 70s. Our lab personnel ate there till it was closed by city inspectors.

    • Of course, racism was completely unknown in America in the ’70s. Roadkill deer are cats now?
      The Huffington Post, that bastion of accuracy and trenchant journalism, almost as true as the Bible.
      My objections regard money laundering in general, as per the article. You chas appear to have it in for the Chinese in general.

      • Pointing out grifters & swindlers is not racism: its part of journalism.
        Your wonderment about Chinese “eat all you want” banquets’ could be construed as a broad swipe against Chinese people.
        Most Chinese are good citizens; a few not. Pointing out the few – whether having to do with banking, restaurant protein sources or thrift shops – is not racist.
        However, large urban centers like Manchester and Chicago, do have very serious racial problems. Madison, however, does not.
        I’m quite impressed how you draw conclusions based on just your own information. The less able use and weigh the sources.

  3. Don´t worry about the meal of the chinese restaurants, and of the spanish bars owed by Chinese, It don´t involve sanitary risks.

    I think chinese people is very appreciated by the Spaniards; they are honests and hard workers.

    But, if some one launders money,he must be prosecuted because he is aiding to criminals and destroying the spanish economy

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