Deutsche Bank Headquarters Raided Amid Tax Fraud Probe

German prosecutors raided Deutsche Bank's Frankfurt offices investigating alleged fraudulent tax dealings at its Postbank unit from 2008 to 2010. The probe focuses on cum-cum trades, suspected of tax fraud that cost Germany billions. This marks the third search of the bank's offices this year.

German prosecutors raided Deutsche Bank's headquarters in Frankfurt on Wednesday, scrutinizing allegations of tax fraud involving the bank's Postbank unit. The investigation relates to transactions between 2008 and 2010.

Deutsche Bank confirmed that Duesseldorf prosecutors were at their office, cooperating fully but declining to provide further details. The probe stems from cum-cum trades, a tax fraud scheme involving stock trades around dividend payout days.

This is the third search at Deutsche Bank this year, following scrutiny over alleged money laundering and retail banking issues. The crackdown on such transactions seeks to recover billions lost during the financial crisis.