German tax authorities are reportedly probing banks and investment funds over their alleged role in evading billions of euros in taxes, German newspaper Sueddeutsche Zeitung has reported.
As part of the probe, more than 50 cases are being scrutinized, few of them by state prosecutors.
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According to the newspaper, German authorities have been investigating share transactions that included dividend stripping, or buying shares shortly before a dividend is paid and selling them afterwards.
Currently, authorities are investigating institutions that may have been accused to avoid taxes, the report added.
The paper said that banks such as LBBW and HypoVereinsbank are involved in the investigation.
HSH Nordbank has already paid 127 million to the state following an investigation in late 2012.
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By GlobalData
