Is EFG [European Financial Group] is The 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.

1- Happy Insurance Fraud Case by Vice President of EFG Bank
The story has begun since 2007. EFG is facing cases and charges by its customers at the start of 2007 and these allegations are continued to occur. A very famous case that was brought to light was a happy insurance case. Albert Chiu was found to be one of the major suspects. Albert Chiu was banned to visit Taiwan after the case got uncovered. But surprisingly he is performing his job duties normally that clearly shows the bank involved in the case. The case traced back in 2007 and revolved around happy insurance. Albert Chiu is the head executive of Asia Pacific EFG bank and the case was huge at its time. Albert Chiu along with two others named Wu Xiaoyun and Robert Chiu became wanted by court, whereas the court held Wu xiaoyun responsible for fraud of 200 million dollars. The former director of Happiness Life Insurance named Deng Wencong has been kept for about one year and three months because of allegations. He was holding 6 billion Yuan and refusing to make a return. The money was entrusted to EFG that was the third-largest bank in Switzerland. The Lawyer of Deng Wencong made it clear that Wu Xiaoyn who was vice president of EFG bank at that time and acting as a representative in Taiwan did major fraud. He was taking advantage of handling overseas investment funds allocated for happy insurance. He ignored the insurance law of Taiwan and made secret overseas corporate trust fund. In order to make this money transfer fraud transfer legal Wu nu forged the documents. This overseas corporate trust fund was supervised by EFG bank and when allegations made against the bank, the EFG bank suspended assets. The main purpose of all this drama was to defraud happy insurance. This entire story had lead to question the performance of EFG bank in handling overseas assets. The Insurance Bureau of the FSC and Happy Life requested EFG Bank to make a return of the suspended
assets, but all requests were refused to proceed. Later in the case court found out the accomplices of culprits. The lawyer raised the concern of authority; he said that without the cooperation of chief executives of Asia, the suspension of account for continuous seven-year created doubts. Finally, the lawyer presented his conclusion by clearing a few facts concerning asset management and making EFG bank representative confused. The conclusion included that EFG bank had involvement in fraudulent
asset managing cases. He said that EFG bank not only played with customers inside but also internationally. This bank has its victim from Singapore, United States, Switzerland, and Hong Kong. The courts have ordered that the EFG bank must pay for compensation for all the tax evasion, fraudulent money transfer, transactions, and crimes. Now EFG bank has lost its license in Taiwan. This case shows that the whole system is corrupt and involved in illegal activities. The investigation team found out later that the bank played a crucial role in managing overseas assets.

2- 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.

3- Customer Money Fraud by the Asset Manager and Vice President of EFG Group Taiwan
Earlier in 1996, Wu Surong who was the independent asset manager and vice president Guo Shiding of EFG Group Taiwan had duped Chen Liqin for an amount of 19 million US dollars. He was a customer of EFG Bank Taiwan. These two men were later arrested under the allegation by Shilin District Court and the Taiwan High Court. Guo Shiding confessed his crime of taking defrauded money.

4- EFG Faced Penalty Due to Missing Registration for Future Trading Contracts
EFG Bank of Switzerland faced a penalty of HK$2 million by Hong Kong Securities Regulatory Commission for not keeping a record of registration required for upcoming trading purposes.

5- British Financial Regulators Fined EFG for Poor Money Laundering Regulation Swiss private banking group EFG International associated with UK subsidiary has been charged 4.2 million pounds by the British financial regulator for not complying with effective money laundering regulation for its elites customers. There is a case reported in which the customer of EFG got money from her father who was having charges of murder and crimes. The bank accepted the money without ensuring the authentic source stating that the money is clean.

6- The Replacement of EFG Chief Executive by EFG International
One of the news reported that there was an announcement made by EFG international that the following year new executive will take the duty and the current chief executives will hold his position till the end of the year. This news was announced after purchasing the BSI bank by EFG.

7- Notorious Fraudster Nirav Modi Laundered Money to EFG Bank
A source uncovered the famous fraudster Nirav Modi who took his sister help and illegally laundered money from the Belvedere Holdings Group Ltd Singapore bank to EFG bank.

8- Anonymous Transactions by EFG From 2003 To 2016
In a time span of 13 years, 139 transactions had been carried out by EFG in offshore listed index options from 2003 to 2016. The transactions were worth almost HK$65 million. The bank was liable to securities under the registration of Securities and Finance Ordinance, yet it failed drastically in that time period to keep a record of the registration necessary for trade purposes depicted personal breach of SFC’s code of
conduct along with s. 114. From the viewpoint of the SFO, the failing of the bank raised doubt about its wellness and appropriateness as a regulated entity.

9- EFG Commanded by Taiwan Court to Repay a Huge Amount
In this case, the court in Taiwan has given ordered to EFG bank located in Zurich to return a loan of almost $194 million along with interest. This decision was taken due allegation against Chairman of EFG Giorgio Pradelli who got his position after replacement of Joachim involving ll fated insurance deal from the Taiwanese insurance firm.

10- EFG is Being Sued by Ex Management Director
EFG bank is being sued by Dmitri Rozanov who was a former banker at EFG working as managing director. He was also a market co-coordinator for Europe and Russian till he tried to remind the bank about risks associated with transactions as a whistleblower. He got removed from his job. He is still claiming that he got his job vanished because he acted as a whistleblower over a weak system of the bank. The case is based on the employed tribunal.

11- Infamous Fraudster Found to be Worked for EFG
From 2012 to 2016 the Swedish man was part of EFG bank. He looted million from the accounts of the customers. Currently, he is a wealth manager at Bergos Berenberg private bank. There were already many charges against him. The victim of his fraud basically customers have made an approach to FINMA for the repayment of defrauding money.

12- EFG Along with other Banks is Accused in Kuwaiti Scandal of Pensions
The Ex-head of the social security fund in Kuwait is found to be the culprit in the money laundering case. EFG Bank is accused in this case along with the other three banks. He made a fraud of 390 million dollars from the pension funds.

After all these cases and allegations, customers are still trusting EFG bank for their assets. EFG refused to remove high post members. There is insufficient data available as the cases get vanished. For the reputation of the bank, many cases disappear from the screen. All these circumstances put a question mark on EFG corporate culture! many cases proved to be true but EFG is constantly refusing to accept the allegations. Above all that will make everyone surprised that it is still a renowned bank in Europe
totally contrasting the concept, we give you above.

Below are the given links from where you can find out the above-mentioned cases. Links:

1: 2: 3:

4: 5: 6:

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