Madrid, Spain: Six officials of Chinese megabank ICBC have been placed in detention by Spanish authorities on suspicion of laundering tens of millions of euros, judicial sources said on Saturday.
They were detained overnight and while three of them can be freed if they post bail of 100,000 euros ($111,000) each, the others will remain in custody for the time being, the Madrid appeals court said.
The suspects were arrested on Wednesday at the bank's central Madrid branch as part of a probe into the suspected laundering of at least 40 million euros ($44.5 million).
They were questioned from Friday afternoon through to early Saturday.
The Industrial and Commercial Bank of China is accused of allowing traders to move money earned through smuggling and tax fraud out of the country, to China, "in a way that appeared legal", Spanish police said in a statement.
Spanish prosecutors said the employees were being sought for "economic crimes" but did not elaborate.
The raid was a follow-up to an operation last year that targeted Madrid-based Chinese syndicates suspected of importing huge amounts of goods from China without declaring them, to avoid duties and taxes.
The groups allegedly deposited the proceeds in ICBC accounts, with the lender accused of sending the funds to China without checking their origin as required by law.
ICBC is the world's largest bank by market capitalisation. It entered the Spanish market in January 2011 with the inauguration of its branch in Madrid. A year later it opened a second branch in Barcelona.
The Chinese lender's foreign operations accounted for about 10 percent of its total assets at the end of last year.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
They were detained overnight and while three of them can be freed if they post bail of 100,000 euros ($111,000) each, the others will remain in custody for the time being, the Madrid appeals court said.
The suspects were arrested on Wednesday at the bank's central Madrid branch as part of a probe into the suspected laundering of at least 40 million euros ($44.5 million).
The Industrial and Commercial Bank of China is accused of allowing traders to move money earned through smuggling and tax fraud out of the country, to China, "in a way that appeared legal", Spanish police said in a statement.
Advertisement
The raid was a follow-up to an operation last year that targeted Madrid-based Chinese syndicates suspected of importing huge amounts of goods from China without declaring them, to avoid duties and taxes.
Advertisement
ICBC is the world's largest bank by market capitalisation. It entered the Spanish market in January 2011 with the inauguration of its branch in Madrid. A year later it opened a second branch in Barcelona.
Advertisement
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
COMMENTS
Advertisement
Four Reportedly Arrested After Spanish Teen Star Lamine Yamal's Father Stabbed Spanish Football Star Lamine Yamal's Father Stabbed In Car Park: Report New Cabinet Formed In Spain's Catalonia, Ending Decade-Long Separatist Rule Kolkata Rape-Murder: Fractures, 150 mg Semen, Other Claims Denied By Cops Karnataka Chief Minister Siddaramaiah To Be Prosecuted In Land Scam Case Life On Earth Originates From One Ancestor, Older Than Previously Believed 17 Palestinians Killed In Israeli Strike On Gaza Amid Raging War Tips For Navigating The Ivy League Admission Process Watch: Air Force, Army's Daring Paradrop Of World's 1st Portable Hospital Track Latest News Live on NDTV.com and get news updates from India and around the world.