German prosecutors searched offices and residences linked to Canadian lender Maple Bank this week in a probe of serious tax evasion and money laundering connected to dividend stripping, officials said on Friday.
Nearly 300 investigators searched 30 premises in several German states on Wednesday in pursuit of evidence against 11 people thought to have illegally claimed more than 100 million euros ($149 million Canadian) in tax paid using a strategy known as dividend stripping or dividend arbitrage, Frankfurt prosecutors said.
The prosecutors did not name the bank involved, however Maple Bank confirmed the raids.