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Five French Banks Raided in Tax Fraud Probe

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PARIS (Reuters) – French investigators raided five banks on Tuesday as part of an investigation into massive tax fraud, the French financial prosecutor’s office said.

The ministry said in a statement that about 150 investigators from the French Ministry of Finance, 16 French judges and six German prosecutors conducted searches in and around Paris in a case suspected of denying the authorities more than 100 billion euros in tax revenue.

The statement said the raids follow five preliminary investigations launched in December 2021 into money laundering and aggravated tax fraud in the distribution of profits, indicating the process “required several months of preparation.”

A Societe Generale spokesman confirmed to AFP that the French bank had been raided by the authorities, but said he did not know why.

Le Monde said the targets were Societe Generale, BNP Paribas, Exane (a subsidiary of BNP), Natixis and HSBC.

In 2018, a group of European news sites published a tax fraud investigation called “CumEx-Files”.

In 2021, the media group said the estimated amounts were 140 billion euros ($151 billion) over 20 years.

Source: AFP

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