German authorities raids banks and asset managers over suspected tax evasion

German tax investigators have raided 11 banks, six asset management companies and four tax consultancy firms in connection with eight wealthy individuals in suspected of tax evasion.

The raids, which are linked to the Panama Papers scandal, began at dawn on 16 May and went on into the afternoon.

The authorities searched the homes of eight people in the towns of Bad Tölz, Erkrath, Hamburg, Konz, Simmerath, and Sylt.

Frankfurt state prosecutors in a statement said the wealthy Germans allegedly used tax havens to hide capital gains from the Germany treasury and evade taxes.

The eight individuals are known to have once been clients of a former Deutsche Bank offshore unit based in the British Virgin Islands.

“The purpose of the search warrants is to gather evidence about untaxed income and to learn about the economic activity of the companies in tax havens,” the statement added.

The names of the businesses and individuals involved were not

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