Bank of America is investigating claims that €7bn ($8.8bn) has been traced to one of its accounts which is controlled by Calisto Tanzi, founder of Parmalat, the bankrupt Italian food group under criminal investigation for fraud.

A Bank of America spokeswoman declined to comment on the accuracy of the allegations, but said the bank is investigating. Creditors claim the account belongs to a company linked to Tanzi. Part of the money is said to be held in US state bonds.