Madrid: Spanish police raided the Madrid offices of China's biggest bank, Industrial and Commercial Bank of China (ICBC), on Wednesday as part of an investigation into alleged money laundering, the Interior Ministry said.
The investigation by police, the Spanish tax agency and Europol surrounds funds handled by a criminal group acting in Spain which the Ministry says passed through the bank and were transferred to China.
A number of people were expected to be arrested as part of the operation, a source close to the investigation said.
A spokesman at ICBC's headquarters in Beijing declined to comment.
Spanish police investigating tax fraud on certain goods imported from China in an operation in May last year, known as "Operation Snake", dismantled a group that was found to have laundered at least 40 million euros ($45 mln) through ICBC, the Ministry said.
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