• Germany edition
 
Deutsche Bank HQ raided in tax fraud probe
Photo: DPA

Deutsche Bank HQ raided in tax fraud probe

Published: 12 Dec 2012 15:09 GMT+01:00
Updated: 12 Dec 2012 17:09 GMT+01:00

Prosecutors and tax police raided the offices of Deutsche Bank Wednesday in a probe dating back to 2010, and "in connection with this, two management board members Jürgen Fitschen and Stefan Krause are also being investigated," Deutsche Bank said in a statement.

The probe at the bank's headquarters in Frankfurt includes 25 employees.

The bank's workers are suspected of serious tax fraud, money laundering, and obstructing justice in connection with the trade in European Union CO2 emissions certificates, Frankfurt state prosecutors said on Wednesday. Arrest warrants have already been issued for five of them.

Investigators also searched several homes and offices across Germany as part of the same operation, including some in Berlin and Düsseldorf. The probe - into the suspected evasion of valued added tax (VAT) on emissions trading - has been running since the spring of 2010.

Deutsche Bank Frankfurt offices were already raided then, but investigators believe that evidence may have been hidden from them, they said Wednesday. Deutsche Bank released a statement saying the bank will cooperate fully with authorities.

A Frankfurt court convicted six executives of other firms of tax fraud as part of the same operation last year. They had confessed to evading at least €230 million of VAT in the Europe-wide trade in CO2 emission certificates.

The company managers had bought the certificates VAT-free outside Germany, sold them on cheaply - sometimes to Deutsche Bank - and claimed the VAT back from the tax office.

The EU emissions certificate trade system allows certain companies to release a certain amount of carbon dioxide into the atmosphere. If a given firm releases less, it is allowed to sell the surplus on in the form of a certificate.

Fitschen and Krause, who is the bank's finance chief, are under investigation because they signed off the bank's 2009 VAT declaration, the bank explained.

"But that tax declaration has since been corrected voluntarily by the bank. Unlike the prosecutors, Deutsche Bank is of the opinion that the corrected declaration was submitted in a timely manner," it said.

"Deutsche Bank is cooperating fully with the authorities," it added.

The Local/AFP/DPA/bk

The Local (news@thelocal.de)

Your comments about this article

Today's headlines
German firms top EU lobbying list
Siemens was the highest ranked German company when it came to spending on EU lobbying, according to the register. Photo: DPA

German firms top EU lobbying list

Germany companies are among the biggest spenders when it comes to EU lobbying to influence decision makers in Brussels. There are more German lobbying organizations registered than from any other country in Europe but Belgium. READ  

City starts beer for alcoholics project
Photo: DPA

City starts beer for alcoholics project

A city in western Germany will start a controversial project on Wednesday to employ alcohol and drug addicts to clean the streets in return for beer, tobacco, food and small amounts of cash. READ  

Fault forces Germany to cut Eurofighters
A German Eurofighter. Photo: DPA

Fault forces Germany to cut Eurofighters

A manufacturing fault has been discovered in the troubled Eurofighter Typhoon warplanes, Germany's defence ministry said on Tuesday, announcing it was suspending deliveries of the sophisticated jets. READ  

Oettinger blames celebs for nude photo hack
Oettinger (l) appeared to misunderstand how the internet works in his comments about the photo hack which has reportedly affected celebrities including Amber Heard (r). Photo: DPA/EPA

Oettinger blames celebs for nude photo hack

German newspapers on Tuesday ridiculed incoming EU Digital Commissioner Günther Oettinger after he blamed "stupid" celebrities for having their private nude pictures hacked and spread online. READ  

Shots fired as ‘seniors’ rob Berlin security van
Police outside the Apple Store in Berlin where a security van was robbed. Photo: DPA

Shots fired as ‘seniors’ rob Berlin security van

A gang disguised as pensioners opened fire on a Berlin security van on Monday night, escaping with cash before setting their getaway car on fire. It is the second such attack in ten days. READ  

Pickpocket fools minister at anti-crime event
Ralf Jäger in front of a sign reading "eyes open and pockets closed" at the pickpocketing awareness event. Photo: DPA

Pickpocket fools minister at anti-crime event

North Rhine-Westphalia's interior minister Ralf Jäger was pickpocketed by a magician at a press conference he called on Monday to launch a campaign against pickpocketing. READ  

Berlin heart centre fiddled transplant list
Photo: DPA

Berlin heart centre fiddled transplant list

A probe into German transplant centres sparked by an organ donor scandal has revealed 14 cases of a doctor fiddling medical records at one of Germany’s leading heart centres. READ  

Lufthansa strike hits 20,000 passengers
A stranded group of travellers from Vancouver, Canada, sit and wait at Frankfurt Airport on Tuesday. Photo: DPA

Lufthansa strike hits 20,000 passengers

UPDATE: The fourth pilots’ strike in recent weeks hit Germany’s biggest airport on Tuesday morning, with long-haul Lufthansa flights grounded at Frankfurt. Around 20,000 passengers have been affected. READ  

View from Germany
'Criminals are at work in refugee homes'
Photo: DPA/Police

'Criminals are at work in refugee homes'

A photo appearing to show a refugee being abused at a home for asylum seekers has caused outrage in Germany. The photo has been compared to those from Guantanamo Bay and Abu Ghraib. Police are now investigating six cases of abuse at three different centres. READ  

Police suspect neo-Nazis of Reichstag attack
An investigator gives a sniffer dog the scent of an object found at the scene. Photo: DPA

Police suspect neo-Nazis of Reichstag attack

Investigators believe a Molotov cocktail thrown at the Reichstag building in Berlin early on Monday morning was the work of a far-right group, a police spokeswoman said on Tuesday. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Photo: DPA
Business & Money
Immigrants have created how many German jobs?
Photo: DPA
Munich
Brit raped at Oktoberfest while going to toilet
Photo: DPA
National
Revealed: Germany's military feet of clay
Marks & Spencer
Sponsored Article
Marks and Spencer: Win €300 toward your new autumn wardrobe
Photo: Shutterstock
Society
Quiz: How good is your German?
Photo: DPA
Gallery
Thousands take to Berlin's streets for marathon
Photo: DPA
Society
'Incest should be legal,' says ethics board
Photo: DPA
Gallery
Ten noises that sound very different in German
Photo: DPA
Society
QUIZ: Can you pass the German citizenship test?
Photo: Shutterstock
Gallery
Ten German words you'll never want to hear again
Sponsored Article
Bilingual education from nursery to graduation at Phorms
Photo: DPA
Business & Money
JobTalk: All you need to know about working in Germany
National
Share news tips with The Local Germany
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

3,165
jobs available
Toytown Germany
Germany's English-speaking crowd