Dutch bank ABN Amro raided by German police, prosecutors & tax authorities in connection with the cum-ex tax fraud schemes they are alleged to have arranged for their clients. Trades made so 2 entities could claim the same tax credit.
#ButNothingsHappening
sueddeutsche.de/wirtschaft/cum…
#ButNothingsHappening
sueddeutsche.de/wirtschaft/cum…
Snips of translated article: Looks like prosecutors in Cologne are taking over the case or this portion of it. 
They are pursuing hundreds of suspects that evaded billions in taxes using these schemes managed by the bank. They falsified records showing that each customer that 'owned' the business due the tax credit & evaded that amount of taxes.
The bank is majority owned by the government of the Netherlands.
The trades at the focus of the investigation occurred in 2008-2009 during the economic & banking crisis. Yet to see if they stopped then or if the cases continued for a decade with many more revelations to come.
The trades at the focus of the investigation occurred in 2008-2009 during the economic & banking crisis. Yet to see if they stopped then or if the cases continued for a decade with many more revelations to come.
Deutsche Bank was caught in a similar scheme with carbon credits, doing cum-ex trades so that multiple customers could claim the same credits.
