Spanish police say they have arrested a sixth executive of China's ICBC bank as part of a money laundering and tax fraud probe.

Police said the senior employee previously worked in the Industrial and Commercial Bank of China's offices in Madrid but now works in the Luxembourg branch. He was arrested Friday in Madrid.

Police raided the ICBC's downtown Madrid office on Wednesday and arrested five executives. They were expected to be brought before court Friday.

A police statement said the operation was a follow-up on one in 2015 that targeted gangs using the bank to launder to China some 40 million euros ($45 million) proceeding from the Chinese-run bargain store sector in Spain.