House GOP Conference Chairwoman Elise Stefanik (R-NY) has called on U.S. Attorney General Pam Bondi to launch a federal investigation into Standard Chartered Bank (SCB) over allegations of multi-billion-dollar sanctions violations involving Iran and Hezbollah.
Stefanik is also seeking scrutiny of New York Attorney General Letitia James’ role in the matter.
In a letter sent to Bondi on Thursday, Stefanik cited a recent Gateway Pundit report detailing claims that SCB conducted at least $9.6 billion in illicit transactions with entities sanctioned by the U.S. Treasury Department.
Today, I respectfully requested Attorney General @AGPamBondi to investigate Standard Chartered Bank’s illicit payments to known terrorists and @NewYorkStateAG Tish James’ inaction on the payments while approving bank licensure.https://t.co/l9CeNVEz82 pic.twitter.com/a5REsUhMav
— Rep. Elise Stefanik (@RepStefanik) August 15, 2025
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The case, now before the U.S. Second Circuit Court of Appeals, alleges that the bank’s activities violated federal sanctions laws and posed a threat to national security.
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According to whistleblower evidence, the transactions were processed through SCB’s New York City branch and involved payments to names listed by the Treasury Department’s Office of Foreign Assets Control (OFAC).
The whistleblowers allege these payments were concealed from mandatory disclosures under an ongoing deferred prosecution agreement, overseen by the Southern District of New York (SDNY) and the U.S. Attorney’s Office for Washington, D.C.
The whistleblowers also claim the $9.6 billion in identified payments represents only the first batch uncovered from SCB’s Dubai operations and that the total amount of illegal transfers could exceed $100 billion, including transactions from the bank’s 53 mainland China branches.
These branches allegedly facilitated U.S. dollar trade payments for oil and materials that could be used in warfare.
The allegations further implicate the New York Attorney General’s Office.
Public reports and whistleblower accounts indicate that in February and March 2024, Letitia James and senior members of her staff were briefed in detail by terrorist financing experts and whistleblowers about the alleged illicit payments.
According to the whistleblowers, one of the meetings was recorded and showed that NYAG officials acknowledged the payments had not been previously disclosed in SCB’s prior sanctions settlements.
BREAKING: Whistleblower Reveals $100 Billion in Secret Transactions With Iran and Terror Groups – Says NY AG Letitia James Ignored the Evidence
A former Standard Chartered Bank employee says he uncovered $9.6 billion in transactions involving Hezbollah, Hamas, and Iran’s… pic.twitter.com/OBfuTZIup9
— LindellTV (@RealLindellTV) August 1, 2025
Despite this, James reportedly approved the bank’s annual license later in the year.
Among those present at the meetings was Deputy Attorney General Scott Spiegleman, who later joined IBM, a company with a major contract running the SWIFT financial messaging platform.
IBM’s Promontory Financial Group allegedly advised SCB to conceal currency trade data.
The federal case against SCB is set to expire on Tuesday, August 19, unless further action is taken.
Stefanik’s letter urges Bondi to appoint the Acting U.S. Attorney for the District of New Jersey as Special Attorney to oversee all matters related to SCB, citing both the scope of the alleged activity and the use of servers based in Newark, New Jersey, to carry out transactions.
“Due to the immediate national security risks presented by Standard Chartered Bank’s activity and NYAG James’ failure to act I ask that you appoint the Acting U.S. Attorney for the District of New Jersey as Special Attorney to the Attorney General in charge of all matters involving Standard Chartered Bank,” Stefanik wrote.
The request underscores concerns over potential coordination between James and the Biden-Harris administration to avoid taking action on the allegations.
Stefanik’s letter asks directly whether James was involved in any such coordination and calls for immediate federal intervention to prevent further lapses in sanctions enforcement.
The Justice Department has not yet commented on Stefanik’s request.
The outcome of the appeal and any subsequent federal action could have significant implications for U.S. financial regulations, sanctions enforcement, and oversight of foreign banks operating in the United States.
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