Fri. Dec 8th, 2023

An investigation into a €100 billion fraud reportedly led French police to raid five major banks, according to a report from Deutsche Welle (DW) on Tuesday. The investigation was also linked to a possible money laundering case involving the German and French governments. Searches have been carried out in and around Paris. Specifically targeting four French banks and one foreign bank, according to a representative of the French Financial Prosecutor’s Office (PNF). The investigation is claimed to be ongoing as a result.

Avoid tax obligations for dividends

An investigation into a €100 billion fraud reportedly led French officials to raid five major banks. The German and French governments are also investigating a possible money laundering case involving various financial firms. Societe Generale, BNP Paribas, Exane, Natixis and HSBC are the banks under scrutiny. According to DW, they are specifically being investigated for “legally dubious ‘cum cum’ practices.” In addition, those activities include banks developing intricate legal frameworks to help wealthy clients avoid specific dividend tax obligations. In the end, the objectives of the investigation are related to the dubious fiscal strategies of these institutions. The institutions are accused of money laundering for serious tax fraud, according to the authorities. BNP and Exane, for their part, are “suspected of aggravated tax fraud.” The raids that occurred on Tuesday, according to DW, are related to PNF investigations that began in December 2021. The PNF later issued a statement saying:

“The ongoing operations, which have required several months of preparation, are being carried out by 16 investigating judges and more than 150 investigative agents.”

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