German prosecutors and tax officials conducted a search of Deutsche Bank’s headquarters in Frankfurt on Wednesday, 22 July 2026, as part of an ongoing investigation into alleged tax evasion linked to so-called Cum-Cum transactions.
What Are Cum-Cum Transactions?
Cum-Cum deals have been under intense scrutiny in Germany for years. These complex financial arrangements exploited the timing around dividend payment dates: foreign investors temporarily transferred shares to German banks just before dividends were paid, enabling them to claim tax refunds or avoid withholding tax altogether. Authorities estimate that such schemes cost the German state billions of euros in lost revenue.
A Pattern of Investigations
This is not the first time Deutsche Bank — Germany’s largest bank — has faced such raids. In October 2022, prosecutors from Cologne searched the bank’s offices in Frankfurt and Eschborn as part of the same Cum-Cum probe, extending their inquiry to current and former employees.
Earlier this year, in January 2026, German authorities carried out another search at Deutsche Bank’s Frankfurt headquarters and offices in Berlin. That operation focused on potential failures in anti-money laundering controls related to past transactions involving companies allegedly connected to Russian businessman Roman Abramovich.
Just weeks before the latest raid, in mid-July 2026, investigators searched a branch located within the bank’s main Frankfurt campus. At the time, prosecutors declined to disclose the specific reasons for the operation, citing the need to protect the integrity of the ongoing investigation.
Deutsche Bank has stated it is fully cooperating with the authorities. No further details about the scope of the current investigation — including whether individuals are under formal suspicion — have been released by German prosecutors.