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.
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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