German prosecutors raid Morgan Stanley in ‘cum-ex’ probe

[superadmin]

FRANKFURT – German investigators today raided the Frankfurt offices of US bank Morgan Stanley in a probe related to “cum-ex” fraud schemes that cost European governments billions of euros in tax income, prosecutors said.

The Cologne prosecutor’s office was “carrying out searches” at the offices of a bank in Frankfurt, it said in a statement.

Morgan Stanley confirmed to Bloomberg News that its premises were being searched.

As well as offices, investigators had “searched the private homes of two suspects”, prosecutors said.

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