A large-scale raid has been going on in the banking district in Frankfurt since Thursday morning. Apparently it's about cum-ex investigations.
- There was a raid in the banking district in Frankfurt am Main .
- The major bank ABN Amroan was apparently searched.
- It should be about ongoing Cum-Ex investigations.
A large-scale police raid has been going on in the banking district in Frankfurt since Thursday morning (February 27, 2020). The Frankfurt police arrived in front of the German branch of the major bank ABN Amroan in the morning at 09.50 with several team cars and civilian emergency vehicles. Initially, however, the authority could not be reached, and the bank did not respond at first. The "Handelsblatt" had previously reported.
Frankfurt: Raid in the banking district - is it about cum-ex investigations?
The entrances to the "Marienforum" were blocked by the police officers. A team bus with civilian investigators is said to have entered the building, according to the “Tagesschau”. As the legal successor to Fortis Bank, ABN Amroan was the target of an extensive cum-ex-raid in Hesse, Bavaria and the Netherlands in November. The action at that time was directed against six suspects aged between 50 and 57, according to earlier information from the Frankfurt Attorney General.
On occasion: Background of colleague @EricChrSmit on the role of the wg. #CumEx searched again #ABN Amro from the Netherlands.
Today the StA Cologne collects further information https://t.co/kY127mu9Xf https://t.co/z4ABkOwSni
They were accused of having cheated the state by around 53.3 million euros with equity transactions around the dividend date in 2008 and 2009 as accomplices. The amount has already been reclaimed and paid back to the state treasury.
Frankfurt: Cum-Ex-Investigation - raid in the banking district
Investors took advantage of a legal loophole in cum-ex transactions. Around the dividend date, shares with ("cum") and without ("ex") dividend entitlement were moved back and forth between several parties. In the end, the tax authorities no longer knew who the papers belonged to. Tax authorities reimbursed capital gains taxes that had not been paid at all. The state suffered a billion dollar damage. The tax loophole was closed in 2012.
By Marvin Ziegele
Due to suspected fraudulent cum-ex and cum-cum practices, Frankfurt has to pay back millions of euros in trade tax. The left speaks of a scandal.