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German criminal prosecutors, police and tax investigators this morning began raiding eleven German lenders looking for evidence of suspected tax fraud by clients of a former Deutsche Bank offshore unit.

The raids are taking place in Frankfurt and six other cities across Germany and involve officers from the Federal Criminal Police, the Hamburg State Office of Criminal investigation and six different regional tax authorities. Eight individuals who were clients of a British Virgin Islands-based former Deutsche Bank unit are in the crosshairs of the investigators.

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