German Police Raid Commerzbank In Cum-Ex Tax Probe
Law360, London (September 10, 2019, 5:41 PM BST) -- Commerzbank’s offices in Frankfurt were searched Tuesday as part of a widening investigation into a German tax scandal, the Cologne public prosecutor's office confirmed Tuesday.
A police raid Tuesday on Commerzbank's Frankfurt headquarters was tied to an investigation of a tax-rebate scandal that prosecutors say has cost the German government billions of euros. (AP)
The police raids are tied to an international probe into trades that were allegedly used to falsely claim tax rebates — known as the cum-ex tax scandal. The prosecutor’s office confirmed the searches but declined to provide any further information in compliance with tax secrecy laws.
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