US indicts oldest Swiss bank on tax charges

February 03, 2012 10:47

The United States has indicted the oldest bank of Switzerland on charges of conspiracy to hide more than $1.2 billion. Significantly, this is the first time an overseas bank has been charged by the US for allegedly facilitating tax fraud by US taxpayers.

This comes at a time when a country like India is struggling to address the issue of billions of Indian rupees stashed in various Swiss banks.

The Justice Department has announced that it has also seized more than $16 million from Wegelin & Co's correspondent bank account in the US. Wegelin, founded in 1741, is Switzerland's oldest bank.

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