Malaysia on Monday filed criminal charges against United States-based bank Goldman Sachs and two of its former employees in connection with an investigation into suspected corruption and money laundering at state fund 1Malaysia Development Berhad, Reuters reported. The bank, which has consistently denied wrongdoing in the case, said the charges were “misdirected”.

In October, former Malaysian Prime Minister Najib Razak and ex-treasury chief Irwan Serigar Abdullah were charged with criminal breach of trust in connection with the scandal.

Tommy Thomas, Malaysia’s attorney general, said the government will demand jail terms and a hefty fines from the bank and four people who allegedly transferred around $2.7 billion (more than Rs 19,370 crore) from the state fund. Thomas identified the former bankers as Tim Leissner and Roger Ng and former 1MDB employee Jasmine Loo and financier Jho Low in connection with the case.

A Goldman Sachs spokesperson said the bank would vigorously challenge the charges and continue to cooperate with the investigation.

The US Department of Justice has said about $4.5 billion (more than Rs 32,200 crore) was misappropriated from the state fund by high-level officials of the fund and their associates from 2009 through 2014.