Bangladesh tycoon faces prosecution for $12M in Swiss bank

A Bangladeshi tycoon is facing prosecution over allegedly concealing $12 billion in a Swiss bank for years.

Anti-corruption official Mir Jainul Abedin says a corruption charge was filed against Moosa bin Shamsher on Thursday. If convicted, he can be jailed up to 10 years and his wealth confiscated by authorities.

Shamsher is known for doing business in the Middle East, South Korea and the United States. But he is believed to have made a fortune as an arms dealer, with Saudi Arabia and Pakistan as his clients.

Bangladesh's Anti-Corruption Commission began investigating Shamsher's wealth in 2014 after news magazine Business Asia published a story on him.