Germany searches banks and homes in nationwide tax evasion raid

FRANKFURT (Reuters) – Frankfurt public prosecutors said they led a nationwide raid on eight homes and six asset managers on Wednesday as part of an investigation into wealthy individuals suspected of tax evasion.

The action, which involved around 110 investigators, was a follow-up on a police raid last November of Deutsche Bank over money laundering allegations linked to the “Panama Papers”.

Frankfurt prosecutors said they could refrain from searching 14 banks and four tax advisors after they voluntarily handed over evidence.

Authorities seized extensive documents, digital data, devices and a handgun for which one of the accused had no permission to possess. Raids lasted until around 7 p.m., a spokesman said.

The eight people in the crosshairs of the authorities are said to have founded companies in tax havens with the help of a former subsidiary of Deutsche Bank in the British Virgin Islands to hide capital gains from the

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