500 German Authorities Raid Deutsche Bank Amid Alleged Tax Evasion Scam Surrounding CO2 Certificate Trading!

By P Gosselin on 12. Dezember 2012

Some of Germany’s leading media outlets are reporting that 500 German police officers and tax authorities raided mighty Deutsche Bank in Frankfurt earlier today. According to Die Welt here, five managers have been linked to a scam involving the trading of carbon permits. Arrest warrants have been issued. Also see Reuters here.

500 police officers raid, investigate Deutsche Bank for tax evasion surroundiung carbon trading. Photo source: Wikipedia, Creative Commons Attribution-Share Alike 3.0 Unported license.

No wonder Deutsche Bank had always been such an active proponent of global warming and the emissions trading scheme. There was lots of easy cash to be made! Gee, I wonder at whose expense?

Die Welt writes:

Hundreds of police officers marched into the twin towers of Deutsche Bank, more than 20 police vehicles were parked in front of the high-rises and other office buildings. At times staff were not even permitted to use the elevators. Eight police officers were posted in the entrance with large caliber guns in reach.”

This is not the first time DB has been investigated for tax evasion involving the trade of carbon emission permits. Investigations were conducted in 2010. There have been other raids. Die Welt writes:

Indeed it became clear that the affair has reached a new level of escalation today.”

The alleged scam is not isolated to the lower or midde management levels, but reaches the very top. Deutsche Bank co-chief executive Juergen Fitschen is also the focus of the widening carbon trading tax evasion probe.

Also Reuters here writes:

Prosecutors said they were investigating 25 bank staff on suspicion of severe tax evasion, money laundering and obstruction of justice, and searched the headquarters and private residences in Berlin, Duesseldorf and Frankfurt.”

Reuters adds that back in October a German judge had sentenced six men to jail. “He stopped short of prosecuting Deutsche Bank staff but noted that the bank – through its conduct – had left the door open for tax evasion.”

Today 500 authorities used that open door. Obviously German authorities feel the carbon trading scam is much broader in scope.

A ring of traders was accused of participating in a conspiracy to evade around 300 million euros in value-added tax (VAT) on carbon permits between August 2009 and April 2010.”

According to the nwzonline.de, Judge Martin Bach sharply criticized Deutsche Bank for the trading that took place in European foreign countries, and thus evading tax obligations.

All that is left now is for the government to expand the investigation to include the scam that is “man-made global warming”.

Another report:

Deutsche Bank offices raided amid tax evasion inquiry

German authorities investigate 25 Deutsche Bank staff, including co-chief executive Jürgen Fitschen, on suspicion of tax scam

Reuters in Frankfurt
The Guardian, Wednesday 12 December 2012 19.56 GMT

A police car stands in front of the Deutsche Bank headquarters in Frankfurt

A police car parks in front of the Deutsche Bank headquarters in Frankfurt. Germany's biggest lender said it was 'co-operating fully' with the authorities. Photograph: AP

Deutsche Bank co-chief executive Jürgen Fitschen has been drawn into a widening tax evasion investigation related to carbon trading atGermany's biggest lender as hundreds of police and tax inspectors raided the bank's offices.

Prosecutors said they were investigating 25 staff on suspicion of tax evasion, money laundering and obstruction of justice, and searched the headquarters and private residences in Berlin, Düsseldorf and Frankfurt.

"Two of Deutsche Bank's management board members, Jürgen Fitschen and Stefan Krause, are involved in the investigations as they signed the value-added tax statement for 2009," the lender said. In 2009, Fitschen was Germany chief and Krause was chief financial officer, a post he has retained.

About 500 police and tax inspectors raided Deutsche Bank, arresting five staff in an inquiry linked to a tax scam involving the trading of carbon permits. Tax officials clutching backpacks and suitcases were seen leaving the bank's twin-tower headquarters in Frankfurt. About 20 police minibuses and two coaches were parked outside.

The raids mark a setback for Deutsche's efforts to polish its image. The bank is struggling with lawsuits in the US and UK connected to allegations of Libor manipulation and the mis-selling of subprime assets during the 2007-09 financial crisis.

Armed police officers were stationed in the bank's lobby and appeared to be co-ordinating a search of the towers. They declined to comment on the exact nature of the raids.

Deutsche Bank on Wednesday it was co-operating fully with the authorities and declined comment on the arrests. It added: "Public prosecutors searched Deutsche Bank offices in connection with investigations that have been under way since the spring of 2010 against individuals suspected of tax evasion in the trading of CO2 emission certificates."