German newspaper Handelsblatt said that thousands of German clients who purchased Bermuda-based life assurance products from the bank failed to pay the required tax.

Authorities have raided the homes of several of these investors as friction builds between Credit Suisse and the German tax authorities.

Credit Suisse claims to have stopped selling the life assurance products in Germany in 2009. They were unavailable for comment at the time this story went live.

The probe is the latest in a series of controversies involving the bank and German authorities.

In 2010 German tax authorities claimed they had received data disks of secret Swiss accounts from a whistleblower.

In response Switzerland issued arrest warrants for three North Rhine-Westphalia tax officials allegedly linked to the purchase of these details.

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Credit Suisse paid German prosecutors €150m ($184m) last year to end investigations into whether the company had assisted tax evasion by German-based clients.

This particular investigation targets only customers of Credit Suisse, not bank employees.

 

 

Source: Private Banker International