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Bags of cash: How money launderers used Commonwealth Bank of Australia

Lawsuit against CBA asserts A$17.7 mn was deposited in bank during Feb-Aug 2015 on behalf of CC&B

Reuters  |  Sydney 

In a run-down mall in one of Sydney's biggest Chinese neighbourhoods in 2015, 29-year-old Jizhang Lu showed up at the top-floor offices of a meat export company carrying a carrier bag stuffed with hundreds of thousands of dollars in cash. According to police documents filed in court and reviewed by Reuters, Lu said he made the trip to the shopfront of CC&B International eight times over three weeks. Each time a CC&B employee would hand him a receipt showing a different company had bought tens of thousands of kilograms of meat. The cash — as much as A$530,200 ($416,840) ...

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First Published: Mon, August 14 2017. 02:50 IST