German prosecutors have filed tax evasion charges against eight current and former Deutsche Bank employees over their alleged participation in a value-added tax fraud scheme involving a chain of transactions with carbon dioxide emissions certificates.
Frankfurt prosecutors said Thursday that the eight, seven of whom are still employed by the bank, are accused of being involved in the scheme between September 2009 and February 2010.
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They say that, in four to six cases, they caused employees at the bank's tax department to file incorrect VAT notifications and as a result evaded tax totaling 220 million euros ($245 million).
Prosecutors have been investigating the scheme since 2010. Deutsche Bank said Thursday that its own investigation of the matter is continuing and that it is cooperating with authorities.