Lex Greensill and four former Credit Suisse bankers have been named as suspects in a Swiss criminal case that is due to be formally opened this month, according to people with knowledge of the matter.

The case being brought by the Zurich public prosecutor — which follows a two-year investigation by Swiss police, including raids on homes, a hotel room and Credit Suisse offices — is related to the collapse of a $10bn group of funds the bank offered clients that were linked to specialist finance group Greensill Capital.

The four former Credit Suisse managers have been asked to attend a hearing with the prosecutor at Zurich’s new Police and Justice Centre on June 26, where the case of suspected unfair competition — which centres on allegations of mis-selling — will be formally opened.

Greensill, an Australian banker who was considered a billionaire before his eponymous finance company collapsed in 2021, has not been invited to the hearing, though he has provided a 12-page statement in response to a list of questions.

The case is one of several criminal investigations related to the collapse of Greensill Capital, a specialist in so-called supply-chain finance that counted former UK prime minister David Cameron as an adviser.

Germany’s financial watchdog filed a criminal complaint against the management of Greensill Capital’s German banking subsidiary in March 2021, citing suspected balance sheet manipulation. Later that year, the UK’s Serious Fraud Office announced an investigation into metals magnate Sanjeev Gupta’s business empire, including “its financing arrangements with Greensill Capital”.

A Swiss lawyer representing Greensill in the case said his client had been instructed to keep details of the investigation confidential and would not be commenting. “Even if Mr Greensill understands the public interest in the case, he feels committed to this instruction of the prosecutor,” he said. 

The investigation was started two years ago following a complaint to Zurich police from one of the investors in the supply-chain finance funds. Since then, several other investors and the Swiss State Secretariat for Economic Affairs have added their own complaints.

In September 2021, police raided the homes of the four former Credit Suisse staff members, as well as the bank’s offices. They also raided the hotel room of another former Credit Suisse employee.

During the raids, police confiscated a range of personal devices — including laptops, iPhones, iPads, USB sticks and hard drives — as well as notepads and a green “pencil case clearly containing various documents”, according to legal documents.

In a statement to the Financial Times, the prosecutor said: “Based on a criminal complaint received in April 2021, the public prosecutor of the canton of Zurich has been conducting an investigation into suspected unfair competition for some time. In respect of the ongoing preliminary proceedings, no further information can be provided for the time being. The presumption of innocence applies.” 

Credit Suisse declined to comment.