The Swiss police have reportedly raised the offices of Credit Suisse in connection with an investigation into the collapsed British financial services firm Greensill Capital.
The Zurich-headquartered investment bank has been hit by the collapse of Greensill, for which it ran $10bn in investment funds.
According to reports, the police seized documents linked to the collapse of its fund range that financed Greensill’s supply-chain.
The raid is said to be part of an investigation by Zurich’s public prosecutor into Greensill. It was first reported by Swiss newspaper NZZ.
Credit Suisse spokesman said in an emailed statement to WSJ: “In the course of an official procedure that is not directed against Credit Suisse, data were collected.”
He also added that the bank is completely cooperating with authorities.
In March, Swiss regulator FINMA announced a probe into the bank’s Greensill losses and the corresponding supply chain finance fund.
FINMA also launched enforcement proceedings against the bank in connection to the collapse of US-based hedge fund Archegos.
Credit Suisse was struck by Archegos explosion, just over a month after Greensill scandal broke out.
In May, US-based law firm Frank R. Cruz filed a lawsuit against the bank, representing its investors, over its dealings with Archegos and Greensill.
The lawsuit alleged that the Swiss bank made materially false and/or misleading statements with regard to both the scandals and ignored several red flags in connection with the Greensill funds.
Earlier this month, Credit Suisse repaid to additional $400m to the Greensill investors. To date, the bank has returned approximately $6.3bn to the clients.
It expects to pay out the rest of the $10.1bn line of funds ‘as soon as practicable in one or more instalments’.