French prosecutors have launched an investigation into Credit Mutuel-CIC over charges of tax fraud involving its Geneva-based subsidiary Banque Pasche.
"The investigation, opened after a request by a lawyer, does indeed target Banque Pasche," an official at the prosecutor’s office told to news website Mediapart.
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According to Mediapart, the probe seeks to determine whether Banque Pasche had assisted French clients in evading taxes.
In October this year, Swiss banking major UBS has paid 1.1bn ($1.4bn) security deposit for allegedly helping wealthy French clients evade taxes even as it continues to challenge the accusations.
UBS also paid a $780m fine and handed over data on 4,500 clients in the US in 2009 to settle charges it helped American clients evade tax authorities there.
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By GlobalData
