Italian police have raided the Milan offices of Swiss investment bank UBS on Friday as part of the widening investigation into the fraud scandal at Parmalat, the bankrupt Italian foods group.

UBS is the latest of several international banks to be raided by Italian police since the start of the probe, which has seen 10 people, including Calisto Tanzi, the founder of Parmalat, placed under arrest and 28 people named in the investigation.

UBS offices raided in Parmalat investigation

Vivek Ahuja

Nick Clark

Deutsche Bank

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