Police investigate HSBC £70 million fraud

LONDON - HSBC has called in police to investigate an alleged £70 million (EUR90 million) fraud following unusual activity within its securities unit. The UK's largest retail bank said no customer funds had been involved and no money had been lost. It has been reported that a single transaction had emptied the funds from the bank's main euro account.

Police were invited to the bank's London headquarters on April 25 and confirmed that one man has been charged with conspiracy to defraud, money laundering and abusing a position of trust. He is in custody until a court hearing on June 25, while three other men are also on bail in connection with the investigation. It has not been revealed whether they were working for the bank.

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