This is the third time Deutsche Bank has been raided since the start of the year

On July 22, prosecutors raided Deutsche Bank’s headquarters in Frankfurt. The investigation is related to a case involving possible tax fraud at the bank’s Postbank division between 2008 and 2010, according to Reuters. Deutsche Bank acquired Postbank in 2008.

Deutsche Bank confirmed that a search had taken place. The bank stated that it is involved in the case as a third party and is cooperating with the investigation. The prosecutor’s office did not respond to a request for comment.

The investigation concerns so-called “Cum-Cum” transactions, a source told Reuters. This scheme involved the buying and selling of shares in German companies ahead of dividend payments for the purpose of tax evasion. Germany considers such transactions to be tax fraud. These types of deals were widespread during the financial crisis and, according to regulators’ estimates, cost the government billions of euros, Reuters notes.

This is the third raid on Deutsche Bank since the beginning of the year. Investigators had previously raided the bank in connection with a money laundering case, and last week, raids were conducted as part of an investigation involving the retail division.

This article was AI-translated and verified by a human editor