GENEVA, SWITZERLAND – The head of the presumed money laundering ring that was uncovered by police in Geneva and Paris last week, has denied, through his lawyer, that he was handling money tainted by drugs, the Tribune de Geneve reported Monday. The Swiss man of Moroccan origin, head of a financial firm in Geneva, was arrested Wednesday 10 October when police raided his home.
His brother, who works for HSBC in Geneva, and an employee of the first man’s firm, were also arrested: all three face possible charges of money laundering in connection with drugs.
The woman was released but must remain available for the investigation, while the two brothers remain in Champs-Dollon prison in Geneva, according to the Tribune.
Seven other people were arrested in Paris, as part of the ring, including another brother, who is accused of organizing the delivery of drugs from Morocco to France. The money from selling the drugs then passed through accounts overseen by the financier in Geneva, according to the public prosecutor’s office.
Police who raided the Geneva home last week found 160 luxury watches and CHF1.1 million in cash.