Standard Chartered Bank Hit With $2,700,000,000 Lawsuit Over Alleged Role in Malaysian Sovereign Wealth Fund Fraud

Liquidators are reportedly suing the Singapore arm of Standard Chartered over allegations the British banking giant enabled fraud that caused more than $2.7 billion in losses.

The allegations are tied to the $4.5 billion embezzlement conspiracy carried out against the Malaysian sovereign wealth fund 1Malaysia Development Berhad, known as the 1MDB scandal, which began back in 2009.

Standard Chartered “emphatically rejected” the claims made in the new Singapore lawsuit, according to a new Reuters report.

Liquidators from the financial services giant Kroll filed the suit, claiming that the British bank enabled the 1MDB fraud.

Standard Chartered allegedly ignored red flags and processed more than 100 intrabank transfers between 2009 and 2013, which contributed to hiding the 1MDB funds, according to three companies in liquidation associated with

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