Bank of China scam: Italian prosecutors seek to indict 300 people
June 22 , 2015
Prosecutors in Italy are seeking to indict the Milan branch of the Bank of China and around 300 people in a money laundering fraud.
Florence prosecutors say $5.1 billion was transferred to China from Italy. The sum was obtained through counterfeiting, prostitution, labor exploitation and tax evasion, according to the allegations.
Four senior Bank of China managers could also be indicted, reports say. Half the amount transferred allegedly went through the Milan branch.