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Allegations of Carbon Trading Fraud at Deutsche Bank

On Wednesday December 14th, German prosecutors raided Deutsche Bank offices in Frankfurt, Berlin and Dusseldorf, Germany, due to an alleged tax evasion scheme linked to carbon credits.  According to the authorities, 25 Deutsche Bank employees, among them the co-CEO , were suspected of serious tax evasion of hundreds of thousands of euros, money laundering and obstruction of justice.

Of the 25 under investigation, four Deutsche Bank staff workers 4 have already been sentenced to jail. The fraudulent traders are alleged to have bought millions of carbon credits outside of Europe, thereby evading strictly monitored EU taxes, and then reselling the certificates under cover.

Investigations had started since 2010 against individuals suspected of tax evasion in the trading of emission certificates.

 

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