The Daily Hodl 2025-07-03 11:45:25

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 the scandal. Explain the liquidators, “According to this lawsuit, the transfers demonstrate serious breaches and control failings which ultimately enabled the theft of public funds by people operating at the highest levels of the Malaysian government during that period.” Standard Chartered told Reuters any claims made by the companies were “without merit.” Earlier this year, former Goldman Sachs employee Tim Leissner was sentenced to two years behind bars for playing a part in the multibillion-dollar heist. Prosecutors say that Leissner and others who worked for the banking giant aided Malaysia in raising $6.5 billion for the nation’s investment fund through bond sales. Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Standard Chartered Bank Hit With $2,700,000,000 Lawsuit Over Alleged Role in Malaysian Sovereign Wealth Fund Fraud appeared first on The Daily Hodl .