JPMorgan German office raided in tax fraud case
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Yesterday and today, on August 30 and 31, the German authorities raided the office of the American bank JPMorgan. About it write German media, citing a statement by the Cologne prosecutor’s office, which reported a search in an unnamed bank and the homes of four of its employees, and the press service of JPMorgan itself. The searches became part of a large-scale investigation into tax fraud. JPMorgan said it was cooperating with the German authorities.
We are talking about the so-called cum-ex schemes, in which shares are bought shortly before the dividend is paid and sold shortly after. Then, several times, a refund of tax on capital income, in fact paid once, is issued. Such schemes were used until 2012, after the German legislation in this regard was changed. Investigation of this tax scandal goes in Germany since 2018. According to the investigation, due to this fraudulent scheme, the German state received less taxes in the amount of about €12 billion.
According to the German authorities, the investigation has affected more than 100 banks from different countries, it already has more than 1.5 thousand suspects. Earlier this year, the German offices of Barclays, Bank of America and Morgan Stanley were raided. The investigation also affected BNP Paribas, Commerzbank, Deutsche Bank.
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