Most Fraudulent Bank

Most Fraudulent Bank

Switzerland is located in Europe and if anything happens in any country of Europe it is considered as a part of this continent. Let’s have a look at a very famous bank that has international roots and it is widely spread in the world, having more than 3000 employees. This bank covers forty locations around the world and serving in those locations professionally. The fraudsters are professionals too. EFG International has a parent organization named European Financial Group SA that owns almost 44% chartered account of EFG international. EFG International has headquarters in Zurich while EFG SA is located in Geneva Switzerland. This bank serves Europe for private banking functions. The authority and supervision of this bank are under FINMA. Now FINMA is the Financial Market Supervisory Authority of Switzerland that serves the Swiss Government for financial rules. Although the EFG SA is under the supervision of FINMA, there are many cases that indicate the bank involvement in frauds, dishonest employees, and failed money laundering strategies. These reports make EFG the worst bank in Europe. This bank could be the best source for fraudsters and criminals for keeping their money. Dishonesty is being prevailed at EFG bank. Asian branches of the EFG group are found in many cases. Let’s begin with cases.

Fraud Made by EFG Bankers During 2018
Another case that was eye-opening involved Lim Tien Chiang. He was a relationship manager at EFG bank Singapore. He made money fraud with the customer of an amount of 3 million dollars. The suspect is still carrying his position at EFG bank. The case involves a long story in which a customer who wanted to transfer money from one account to another opened a wealth account at BNP Paribas Singapore. In order to transfer money from RMB bank account China to BNP Paribas Singapore, she got help from an EFG banker because for BNP this transaction was impossible. The first transaction was successful through PT Niaga. It was an Indonesian Lestari Remittance company. Until she required a second money transaction for the same amount for which the first EFG banker contacted his ex-colleagues and made the second transaction for her with almost four accounts. The need for other helpers was aroused due to the inability of EFG bankers. He was unable to make the transaction of this amount from the EFG bank account because it was not possible. No one questioned this! This time the four accounts having the different names of the first helper, second and third helper, and finally to the Allan person. She eventually lost all money that was transferred then she appeared in court for fraud and the case came to light. The suspects made an allegation that the money was illegal to transfer in anyways. However, the Allan named person was having no detail except his number. The money was not granted because of the lack of data plus the EFG bankers asked the court to not help her in this case due to the absence of any strong proof.

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