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The former chairman of Zurich-based Allied Finance Trust, a subsidiary of Liechtenstein-based Allied Finance Group, and his “collaborators” transferred more than $60 million from U.S. taxpayers to undeclared Ihag bank accounts. U.S. Department of Justice on Thursday.
The Swiss was arrested in Italy in August 2023 and extradited to the United States. He now faces up to five years in prison, as well as fines and damages, according to the statement.
As early as spring 2023, a senior employee of Ihag Holding pleaded guilty to US authorities for aiding and abetting tax evasion. In 2021, the US judiciary filed charges against a total of six bankers from the circles of Ihag Privatbank and Allied Finance.
According to the indictment, the bankers implemented a scheme called the “Singapore Solution” in which U.S. taxpayer funds were funneled through various bank accounts in Hong Kong and elsewhere into newly opened accounts in the name of a Singaporean asset management company in Ihag. . US customers paid high fees to Ihag and other parties for this.
Private bank Ihag reached a settlement with the US Department of Justice in a tax dispute in November 2015. For this he paid a fine of $7.45 million.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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