German tax investigators are raiding Deutsche Bank’s Frankfurt HQ in a major crackdown on “cum-ex” tax fraud—schemes that may have cost the state billions by exploiting dividend loopholes, with estimates reaching seven billion euros. These complex trades, which surged during the financial crisis, involved manipulating stock transactions around payout dates to dodge taxes. Authorities have been pursuing this for years, and while Deutsche Bank remains silent, the raids signal a relentless push to recover lost revenue from these sophisticated financial crimes.
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