Deutsche Bank raided for second time over multibillion tax fraud
Deutsche Bank’s Frankfurt headquarters and the homes of ten current and former employees were raided by police on Tuesday as part of an investigation by prosecutors into the bank’s role in one of Europe’s biggest tax scandals.
The raid, which was ordered by criminal prosecutors in Cologne, is the second Deutsche Bank has faced over the so-called “cum-ex” scandal, in which billions of euros of government revenues were misappropriated. Frankfurt prosecutors raided one of the bank’s offices in 2017.
Cologne prosecutors said on Tuesday that more than 114 police and tax inspectors took part in the raids which were undertaken “in the context with cum-tax deals and related tax fraud schemes”.
This story originally appeared on: Financial Times - Author:Olaf Storbeck
