Barclays Frankfurt Offices Raided in German Tax Fraud Investigation
- Cologne prosecutors target bank one week after Merrill Lynch
- Homes of two suspects in the case were also searched
Photographer: Asim Hafeez/Bloomberg
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Barclays Plc’s Frankfurt offices were raided as part of the German probe into the controversial Cum-Ex tax trades, just one week after Bank of America Corp.’s Merrill Lynch premises were hit as prosecutors ramp up scrutiny of foreign banks potentially caught up in the scandal.
The Cologne prosecutor said homes of two suspects were also searched. Investigators are looking for evidence of Cum-Ex and related trades. About 70 police and tax officers took part in the action.