Credit Suisse faces US probe after telling investors to 'destroy documents' linked to oligarch yacht loans

New York (CNN Business) The House Oversight Committee launched a probe Monday into Credit Suisse, demanding documents linked to the bank's compliance with sanctions on Russian oligarchs.

In particular, House Oversight Chair Carolyn Maloney and Rep. Stephen Lynch, chair of the Subcommittee on National Security, expressed alarm over Credit Suisse asking hedge funds and other investors to "destroy documents" related to yachts and private jets owned by the bank's clients.

"Giving the timing of this request and its subject matter," the House Democrats wrote, "Credit Suisse's action raises significant concerns that it may be concealing information" about whether participants in the deal may be "evading sanctions" imposed by the West after Russia's invasion of Ukraine.

The letter, first reported by The Wall Street Journal , asks Credit Suisse to produce a series of documents by April 11.