German police raids Deutsche Bank offices in tax fraud probe

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Published time: December 12, 2012 16:39
Edited time: December 12, 2012 21:20

Police vehicles are parked outside the headquarters of Germany's largest business bank, Deutsche Bank AG in Frankfurt December 12, 2012. (Reuters / Kai Pfaffenbach)

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Banking, EU, Germany, Police, Scandal

Police has searched several offices of Germany’s biggest bank, Deutsche Bank AG, in connection with a carbon credit tax evasion case. The Bank’s Co-CEO Fitscheand and CFO Krause are currently under investigation.

Five hundred police officers raided Deutsche Bank offices and other private residences in Frankfurt, Berlin and Duesseldorf on Wednesday.

Five arrest warrants for bank employees were issued following the major Frankfurt office raid, in which the building was surrounded by more than 20 police cars.

According to the prosecution, 25 Deutsche Bank employees have been suspected of serious tax evasion, money laundering and attempted obstruction of justice, including Co-Chief Executive Officer Juergen Fitschen and Chief Financial Officer Stefan Krause.

The raid was a part of the CO2 tax evasion probe, Deutsche Bank confirmed in a statement, adding that it was “cooperating fully” with the prosecution.

The investigation of CO2 emission certificates trade by Deutsche Bank employees has been going on since early 2010, with six people sentenced to jail by a German court last year.

Those already convicted in the 300 million euro tax fraud case bought the CO2 emission permits abroad without paying taxes on them. They then went on to resell of the certificates among themselves, skimming off the total value in unpaid taxes.

The prosecution is now investigating if Deutsche Bank employees assisted the fraudsters’ trade.

The EU law limiting CO2 emissions for companies allows for the selling of some carbon tax certificates if the company doesn’t emit its total limit of CO2. Other companies that need to increase their CO2 limit can then buy these excess certificates, opening a potential loophole for fraud.

Policemen stand at the entrance of the headquarters of German bank Deutsche Bank in Frankfurt am Main, western Germany, on December 12, 2012. (AFP Photo / Frank Rumpenhorst)

Comments (6)

Widow (unregistered) 18.12.2012 03:08

A 'PASSION TO PREFORM' - what - more crimes! DB purchased Bankers Trust Company on 4 June 1999 - On 26 July 1999 in the SDNY Federal District Ct. (99 CR 250) they were sentenced on 3 Federal Felonies! Nevertheless, they received an exemption from the US Gov't to 'manage' pension monies - how did that happen? Fidiciaries can't be Felons! It's all called 'Pattern and Practice" and a Leopard doesn't change his spots!

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Marc Authier (unregistered) 13.12.2012 08:45

These banksters should be hanged. tooMaybe it is too kind. It would be a good idea to reintroduce the electric chair for these banksters. Thats what so disgusting about USA but also Europe. Not one of these mass murderers in banking has been arrested and hanged. Eventually we will have to hang thes psychopaths. Ackerman is a criminal and he belongs to be put behind prison bars !

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Andor (unregistered) 13.12.2012 06:19

What an idiotic world we live in!The biggest fraud and scam is the CO2 taxes which is utter nonsense!This also goes with the global warming fraud and a money making scheme.One volcanoe for one day gives nearly more CO2 than all humans in their entire existemce! But yes....the people follow this like sheep like most of this generation believes the US went to the moon!! hahahahahahahahahahT he world must wake-up because the biggest fraud of all is the so-called carbon foot-print and global warming.Good luck to Deutsche Bank and they know what's right!! Don't follow this USA scam which is the same as the Y2K, and Ozone depletion fraud and scam!!

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