Three former Credit Suisse bankers have been arrested over the fraud scheme. Andrew Pearse, Surjan Singh, and Detelina Subeva were connected to firms in Mozambique, US District Court in New York confirmed.
The ex-bankers who previously worked in Credit Suisse bank were charged in an indictment issued by the US District Court in NY. After the arrest on Thursday, all three bankers have been released on bail in London. Despite such a move of London judicial system, the US prosecutors are still seeking their extradition.
The billion-cost scheme allegedly involved loans to state-owned companies in Mozambique, according to the investigators. Mozambique’s former finance minister also was a part of the fraud scheme, he also has been arrested.
The ex-bankers accused of multiple financial transactions between approximately 2013 and 2016, more than $2bn was borrowed through loans guaranteed by the Mozambican government.
Credit Suisse’s reaction
The bank Credit Suisse was very angry with the news about their ex-employees. According to the statement released on Thursday: “The indictment alleges that the former employees worked to defeat the bank’s internal controls, acted out of a motive of personal profit, and sought to hide these activities from the bank.”
