Islamic Republic of Iran Shipping Lines was charged with 11 other companies and five people in a 317-count indictment claiming they moved more than $60 million through at least seven U.S. banks in violation of government sanctions, Bloomberg reported.
The banks included JPMorgan Chase & Co. (JPM), Citigroup Inc. (C), and Bank of America Corp. (BAC), according to Adam Kaufmann, chief of investigations for Manhattan District Attorney Cyrus R. Vance Jr. The banks aren’t accused of any wrongdoing.
Since 2008, defendants “began using alias names and shell companies to gain access to the U.S. financial system” and “engaged in illicit commercial transactions through correspondent bank accounts domiciled in New York,” according to the 143-page indictment filed in New York state court.
The charges include falsifying business records in the first degree and conspiracy, according to the grand jury indictment.
The banks included JPMorgan Chase & Co. (JPM), Citigroup Inc. (C), and Bank of America Corp. (BAC), according to Adam Kaufmann, chief of investigations for Manhattan District Attorney Cyrus R. Vance Jr. The banks aren’t accused of any wrongdoing.
Since 2008, defendants “began using alias names and shell companies to gain access to the U.S. financial system” and “engaged in illicit commercial transactions through correspondent bank accounts domiciled in New York,” according to the 143-page indictment filed in New York state court.
The charges include falsifying business records in the first degree and conspiracy, according to the grand jury indictment.