Credit Suisse is being investigated in a case linked to money laundering by TG Investments, an asset manager that handled money for the bank’s wealthy Turkish clients, Bloomberg reported.
In this connection, Geneva prosecutor Johan Drohas already indicted Credit Suisse’s four existing and ex-employees though no names were revealed. These employees were charged with complicity in fraud and money laundering.
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The case initially focussed on TG Investments’ two founding partners, who previously worked at Credit Suisse.
The pair has been accused of forging signatures and faking orders to cover losses of at least CHF150m.
The embroilment of the bank in the case is said to have been triggered by the widespread nature of the alleged failures.
Drohas named Credit Suisse as an accused in the case using a corporate liability clause in the Swiss Criminal code.
The bank said that it “will vigorously defend itself against the allegations with all available means”.
The latest charges make matters worse for the bank, which has been recently under the scanner for the fraudulent activities of its former employee Patrice Lescaudron.
Earlier this year, Lescaudron confessed to the fraud and was consequently sentenced to five years imprisonment. However, the bank denied any involvement in the case.
