Credit Suisse is ensnared in a criminal probe into alleged money laundering involving a criminal organization and the illegal drug trade.
The Swiss attorney general has named the investigation «Bulco»: prosecutors are investigating alleged money laundering by a criminal organization, weekly «Schweiz am Wochenende» (in German) reported. The wider probe, which began in 2008, centers on an alleged drug-running from South America by a Bulgarian mafia kingpin.
«In addition to ten people currently accused, the criminal probe was widened in 2013 to include Credit Suisse on suspicious of organizational deficiencies in connection with money laundering,» the outlet quoted a spokesman for Switzerland's prosecutor. The bank hasn't been charged with wrong-doing.
Masked by Real Estate and Financial Activity
The crimes were allegedly masked by real estate and financial activity, including in Switzerland. The drug proceeds were either transferred to a bank in Bulgaria or hidden in vehicles and moved physically. The funds were allegedly also invested in boats and in real estate, including in Swiss lakeside cities Montreux and Geneva.
