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StanChart Faces $2.7 Billion Suit in IMDB Fraud
Mint Mumbai
|July 02, 2025
Liquidators trying to recover money from Malaysia's sovereign wealth fund IMDB have sued Standard Chartered Bank in Singapore, alleging it enabled fraud that led to more than $2.7 billion in financial losses more than 10 years ago.
Standard Chartered on Tuesday said that it emphatically rejected the claims.
The move is the latest in a wide-ranging effort to recover money belonging to 1Malaysia Development Berhad (IMDB), from which U.S. investigators say about $4.5 billion was stolen between 2009 and 2014 in a complex, globe-spanning scheme.
Shares in Standard Chartered fell on Tuesday and were down 2.7% by 1110 GMT, against a 0.3% drop in London's FTSE 100.
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