German Panama Papers Probe Targets Banks In Nationwide Raids

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German investigators raided the homes of eight people and 11 banks on Wednesday as part of a probe linked to the “Panama Papers” tax evasion scandal.

Officials searched for “evidence of untaxed income” at locations across Germany, which also included the offices of four tax consultants, Frankfurt state prosecutors said.

The wealthy individuals are suspected of founding letter-box companies in the British Virgin Islands with the help of a former Deutsche Bank subsidiary to evade capital gains tax, they added.

Authorities did not say which banks were searched or the estimated loss of tax revenue. Deutsche Bank said in a statement that no raid had taken place in its offices.

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