German tax investigators swoop in ‘Offshore Leaks’ raids

German investigators swooped on the homes of wealthy individuals and financial firms on Wednesday in nationwide dawn raids, as part of a tax evasion investigation triggered by high-profile media leaks.

Officials searched the homes of eight individuals, eleven banks or saving institutes and the offices of four tax consultants for “evidence of untaxed income” during the morning raids, Frankfurt state prosecutors said in a statement. The probe is the latest triggered by the so-called “Offshore Leaks”, one of a series of data dumps to the media unveiling offshore tax dealings, and touched locations scattered from the northern island of Sylt to Bad Toelz, close to the Austrian border.

Those raided Wednesday “are under suspicion of tax evasion,” prosecutors said.

“With the help of a former subsidiary of a major German bank, they are each believed to have founded companies in tax havens on the British Virgin Islands to hide capital gains from the

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