Giant tax fraud suspected: searches underway at five banks in France

Several searches are underway Tuesday at five French banking establishments in Paris and La Défense on suspicion of aggravated tax evasion, the National Financial Prosecutor’s Office (PNF) said. The targets are Societe Generale, BNP Paribas, Exane (a BNP subsidiary), Natixis and HSBC.

According to the prosecutor, these operations are carried out by 150 investigators from Bercy, 16 French magistrates and 6 Germans from the Cologne prosecutor’s office, as part of the investigations opened at the end of 2021 by the PNF on “CumCum”, a tax scheme on dividends whose damage to States would amount to more than one hundred billion euros.

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