Key player in German cum-ex tax fraud arrested in Switzerland - prosecutor

Hanno Berger, a German who is accused of playing a key role in a years-long tax fraud, has been arrested in Switzerland where he had been living in exile, a spokesman for prosecutors in Frankfurt said on Friday. The scandal, known as cum-ex, is Germany's biggest post-war fraud involving a share-trading scheme that the authorities say cost taxpayers billions of euros.

Hanno Berger, a German who is accused of playing a key role in a years-long tax fraud, has been arrested in Switzerland where he had been living in exile, a spokesman for prosecutors in Frankfurt said on Friday.

The scandal, known as cum-ex, is Germany's biggest post-war fraud involving a share-trading scheme that the authorities say cost taxpayers billions of euros. According to the prosecutors, the scheme was promoted by Berger, a German tax inspector-turned-tax adviser, and others. Berger is a defendant in a case that is being tried in Wiesbaden, near Frankfurt.

Swiss authorities informed Frankfurt prosecutors of the arrest, the spokesman said, adding that it was a result of Germany's effort to extradite Berger. The arrest was first reported by Handelsblatt.