Top banks guilty of multi-billion tax fraud

Giant tax-scams operated by some of the EU's top banks cost treasuries over €55bn, according to a cross-border investigation. The so-called “biggest tax robbery in European history” involved the largest lenders in Germany and Spain, Deutsche Bank and Santander.

The fraud has involved a murky share-trading in which the players in scheme, known as cum-ex, misled the governments into thinking a stock had multiple owners on its dividend payday who were each owed a dividend and a dividend tax credit.

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