- The searches have been conducted in and around Paris.
- Societe Generale, BNP Paribas, Exane, Natixis, and HSBC are the banks.
An investigation into a €100 billion scam reportedly led French police to raid five large banks, according to a report from Deutsche Welle (DW) on Tuesday. The investigation was also linked to a possible money laundering case that involved the governments of Germany and France.
The searches have been conducted in and around Paris. Targeting specifically four French banks and one foreign bank, according to a representative of France’s Financial Prosecutors Office (PNF). The investigation is claimed to be underway as a result.
Dodging Tax Obligations For Dividends
An inquiry into a €100 billion fraud reportedly led French officials to raid five major banks. The governments of Germany and France are also looking into a possible money laundering case involving a number of financial firms.
Societe Generale, BNP Paribas, Exane, Natixis, and HSBC are the banks under scrutiny. According to DW, they are specifically being investigated for the “legally dubious ‘cum cum’ practices.” Additionally, those activities comprise banks developing intricate legal frameworks to help wealthy clients dodge specific tax obligations for dividends.
In the end, the investigation’s goals are related to these institutions’ dubious tax strategies. The institutions are alleged of serious tax fraud laundering, according to the authorities. BNP and Exane, on the other hand, are “suspected of aggravated tax fraud.” The raids that happened on Tuesday, according to DW, are related to PNF investigations that were started in December 2021.
The PNF later released a statement that read:
“The ongoing operations, which have required several months of preparation, are being carried out by 16 investigating judges and over 150 investigation agents.”
