Deutsche Bank former CEO Jain under probe for dividend tax-stripping: Report

Featured Story

Greed and a desire for riches are traps that bring ruin and destruction. “The love of money is a root of all kinds of evil,” and Christians are warned, “Do not put your trust in wealth” (see 1 Timothy 6:9-1017-18). Covetousness, or having an excessive or greedy desire for more, is idolatry. Ephesians 5:5 says, “For of this you can be sure: No immoral, impure or greedy person – such a man is an idolater – has any inheritance in the kingdom of Christ and of God.” The principle to remember is contained in Hebrews 13:5: “Keep your lives free from the love of money and be content with what you have, because God has said, ‘Never will I leave you; never will I forsake you.’”

Anshu Jain (right), through a personal spokesman, declined to comment (Photo: Bloomberg)

Deutsche Bank declined to comment on whether Jain, who was co-CEO from June 2012 to June 2015, was included as part of the probe
The scheme, called “cum-ex”, involved several other global banks

Deutsche Bank Anshu Jain
Frankfurt: German prosecutors are probing former Deutsche Bank co-chief executive Anshu Jain and 78 other current and former bank officials as part of an investigation into a dividend tax-stripping scheme, German daily Handelsblatt reported on Friday.

Investigators suspect managers at Deutsche and other banks of helping to exploit a loophole which allowed two parties to claim ownership of the same shares, making it possible to claim dividend tax rebates running to billions of euros.

The scheme, called “cum-ex”, involved several other global banks.

The Cologne prosecutor’s office is also probing Garth Ritchie, the head of Deutsche Bank’s investment banking arm, as part of the investigation, Sueddeutsche Zeitung reported on Thursday, citing unnamed sources. Ritchie, through a Deutsche Bank spokesman, declined to comment.

Jain, through a personal spokesman also declined to comment. Deutsche Bank declined to comment on whether Jain, who was co-CEO from June 2012 to June 2015, was included as part of the probe.

The scam, which for years operated in a legal grey area until prosecutors declared it to be fraudulent, is being probed by several prosecutors’ offices including by officials in Cologne.

The Cologne prosecutor could not be reached for comment. In a statement, Deutsche Bank confirmed that current and former managers were under investigation, but did not say who they were. Deutsche Bank said the Cologne prosecutor had been investigating two former employees since 2017 in connection with cum-ex transactions on behalf of former clients. Deutsche Bank said the lender was not directly involved in the tax scheme. “Recently, the prosecutor has initiated investigations against further former and current employees and management board members,” it said in a statement.

It said the change in approach by the Cologne prosecutor was linked to procedural issues related to the statute of limitations, and did not imply that the prosecutor had changed its view on the facts of the case.

“This has also not changed the Bank’s assessment of the facts of the case. Deutsche Bank did not participate in an organized cum-ex market, neither as short seller nor as cum-ex purchaser,” Deutsche said. Source

“This has also not changed the Bank’s assessment of the facts of the case. Deutsche Bank did not participate in an organized cum-ex market, neither as short seller nor as cum-ex purchaser,” Deutsche said.

Deutsche Bank acted as a leverage provider to clients who were involved in the scam, Handelsblatt reported.

Sueddeutsche Zeitung said that fraudulent tax claims related to the 2009 business year, running to more than a billion euros, would expire soon unless prosecutors press criminal charges.

Reuters reported in January that investigators had found indications that senior managers had discussed the reputational risks related to the cum-ex scheme, which sparked Germany’s biggest post-war fraud probe. Source

It is the love of money, and not money itself, that is the problem. The love of money is a sin because it gets in the way of worshipping God. Jesus said it was very hard for rich people to enter the Kingdom of God. When the rich young ruler asked Jesus what he should do to inherit eternal life, Jesus told him to sell all his possessions and give the money to the poor. “When the young man heard this, he went away sad, because he had great wealth” (see Matthew 19:16-22). By instructing him to give up his money, Jesus pointed out the young man’s main problem: greed or a love of money. The man could not follow Christ because he was following money. His love of this world interfered with his love for God.  Source

StevieRay Hansen
Editor, Bankster Crime

MY MISSION IS NOT TO CONVINCE YOU, ONLY TO INFORM…

#Fraud #Banks #Money #Corruption #Bankers

“Have I therefore become your enemy by telling you the truth?”

Don't Miss

No Stimulus, No Problem: One Bank Sees “No Armageddon” Without A New Stimulus Deal

By StevieRay Hansen

In recent weeks, many have opined – this website included  – that with the US economy careening into a double dip recession (or perhaps depression), it is…

Read More

The Pandora’s Box Of Fed’s Digital Currency Will Ignite An “Inflationary Conflagration”

By StevieRay Hansen

We most recently described the Fed’s stealthy plan to deposit digital dollars to “each American” during the next crisis as a unprecedented monetary overhaul, but…

Read More

Citigroup Hit With $400 Million Fine Over AML Failures That Led To Mike Corbat’s Downfall

By StevieRay Hansen

The Comptroller of the Currency has finally handed down its punishment for the compliance failures that helped bring about an end to the tenure of…

Read More

World’s Top Oil Trader Is Now A Used Car Salesman

By StevieRay Hansen

Vitol Group, the world’s largest independent oil-trading firm, has been startled by the prospects of peak oil demand as it must diversify operations today to…

Read More

De-Dollarization Trend Remains Intact

By StevieRay Hansen

Global de-dollarization resumed in the second quarter according to data recently released by the International Monetary Fund (IMF). While the dollar share of global reserves increased in the…

Read More

The SEC Is Making Deutsche’s CEO Personally Responsible For Bank’s Crimes

By StevieRay Hansen

Since launching its last major international expansion push in the late 1990s, Deutsche Bank has become knonw – particularly over the last ten years –…

Read More

“Digital Euro” as It Begins Experiments on Digital Currency Launch — the Banking Industry Is Very Concerned Digital Currency Will Kill the Banking Industry

By StevieRay Hansen

As the world obsesses over Trump’s taxes or whether or not he is using oxygen during his covid hospitalization, the biggest overhaul in monetary and…

Read More

Financialization & The Road To Zero, Part 1: The Evolution Of Commerce

By StevieRay Hansen

This is Part 1 of a 4-part series. fi·nan·cial·i·za·tion /fəˌnanCHələˈzāSHən, fīˌnanCHələˈzāSHən/ noun The process by which financial institutions, markets et cetera increase in size and…

Read More

Former Deutsche Bank Traders Convicted Of Fraud For Spoofing Precious Metals Between 2008 And 2013

By StevieRay Hansen

Former Deutsche Bank AG traders Cedric Chanu and James Vorley were convicted for manipulating gold and silver prices on Friday after three days of deliberation…

Read More

“An Extremely Dangerous Game” – Central Bankers ‘Extend & Pretend’ Has Increased Risk Of “Catastrophic Collapse”

By StevieRay Hansen

In recent weeks, there has been a lot of talk about the role of the world’s central bankers going forward. With that in mind, now seems like…

Read More