Deutsche Bank's Tax Scandal: Unveiling the Cum-Cum Crisis

German prosecutors searched Deutsche Bank's Frankfurt headquarters over alleged tax fraud in its Postbank unit from 2008-2010. The investigation focuses on cum-cum trades, a scheme during the financial crisis thought to have defrauded billions from state coffers. Suspected damages total €350 million, affecting Deutsche Bank's financial standing.

German prosecutors conducted a search at Deutsche Bank's headquarters in Frankfurt on Wednesday as part of an investigation into fraudulent tax transactions at its Postbank unit. These alleged activities date back to between 2008 and 2010.

Deutsche Bank confirmed the search, initiated by Duesseldorf prosecutors, linked with so-called cum-cum trades, reportedly orchestrated to evade taxes. The financial crisis period allegedly saw this scheme strip billions from the state.

This marks the third investigation at Deutsche Bank within this year, following previous inquiries into money laundering and issues within its retail banking sector. Present estimates suggest the financial industry's involvement in such trades could cost around €7 billion.