German Police Arrest 2 Former Maple Bank Managers Over Tax Fraud

German criminal police arrested two former managers of the German branch of Canada's Maple Bank on Friday on suspicion of a wide-ranging tax fraud scheme, media said

MOSCOW (UrduPoint News / Sputnik - 13th December, 2019) German criminal police arrested two former managers of the German branch of Canada's Maple Bank on Friday on suspicion of a wide-ranging tax fraud scheme, media said.

The unit's chief, Wolfgang Schuck, was among seven people charged with being part of a scheme known as "cum-ex," in which investors requested multiple tax refunds for a dividend paid only once, according to information obtained by the Handelsblatt daily.

Schuck and another senior manager were arrested for being flight risks, the daily said, citing Frankfurt state prosecutors, who refused to name the suspects or the bank under investigation.

The tax fraud at the now defunct Maple Bank chapter is estimated at 383 million euros ($426 million), but the entire operation involved multiple banks, many of them in Germany, and is reported to have cost taxpayers roughly 12 billion euros.