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UBS offices in Germany searched amid client tax fraud probe

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Prosecutors in Germany carried out searches in connection with an investigation of about 2,000 clients of UBS Group on suspicion of tax fraud.

[FRANKFURT] Prosecutors in Germany carried out searches in connection with an investigation of about 2,000 clients of UBS Group on suspicion of tax fraud.

The searches began Tuesday with around 130 investigators involved, prosecutors for the German city of Bochum said in an emailed statement.

Wirtschaftswoche reported earlier Wednesday that the searches involved UBS offices in Germany.

The bank is cooperating with authorities, a UBS spokesman said, declining to comment further.

UBS in 2014 paid about 302 million euros (S$482.91 million) to authorities in Bochum to settle an investigation into whether it helped Germans evade taxes.

The Swiss bank has fought tax evasion cases across Europe as governments seek to track cash hidden in secret bank accounts.

BLOOMBERG

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