Money laundering: Ex-Credit Suisse bankers arrested over $2 billion-loan fraud scam
04 Jan 2019

Three former Credit Suisse bankers have been arrested over money laundering and bribery charges pertaining to a scam which involved $2 billion in loans to companies in Mozambique.

According to the prosecution, three Mozambican state-owned firms borrowed over $2 billion.

The loan proceeds were meant to be used for maritime projects aimed at benefiting Mozambique.

However, in reality, the three bankers and others created the maritime projects as ‘fronts to enrich themselves.’

“They diverted portions of the loan proceeds to pay at least $200 million in bribes to themselves [and others]. The co-conspirators applied only a portion of the loan proceeds to the maritime projects,” the filed document read.

In an emailed statement, a Credit Suisse spokesman said no action had been taken against the bank and that it will continue to co-operate with relevant regulators following the indictments.

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