Second raid on Deutsche's Frankfurt headquarters related to the "cum-ex" controversy

The Frankfurt offices of Deutsche Bank have been searched by police for the second time.

German investigators searched 10 current and former workers' residences and workplaces on Tuesday as part of a probe into the infamous "cum-ex" tax scandal.

According to the Financial Times, the search was mandated by criminal prosecutors in Cologne and is the second time the offices have been subjected to an investigation as part of the case.

The "cum-ex" controversy concerns a multibillion-euro tax fraud operation in which a network of banks, dealers, and attorneys stole money from EU treasuries using dividend taxes.

In connection with the inquiry, prosecutors initially searched the offices in 2017.

More than 114 police and tax inspectors participated in the raids, which were conducted "in the context of cum-tax deals and related tax fraud schemes," Cologne prosecutors told the media.

The FT reported earlier this year that a Deutsche Bank internal inquiry from 2015 revealed that certain employees had violated corporate policy and legal guidelines to "enable clients to siphon off millions of euros in government revenues."

In a statement, Deutsche Bank said: "We confirm that, as part of the investigation into the bank in relation to cum-ex, which has been ongoing since 2017, the Cologne Public Prosecutor’s Office is currently carrying out an inquiry at our offices in Frankfurt."

According to reports, authorities are looking into more than 70 present and past executives and workers of Deutsche.

German authorities reportedly raided Barclays' Frankfurt headquarters earlier this year, also in relation to the Cum-Ex tax scam.

The public prosecutor of Cologne also said that a search warrant against audit company Ernst & Young had been carried out.

By fLEXI tEAM