French authorities raid banks in massive tax fraud case

French authorities raided five banks on Tuesday as part of an investigation into massive suspected cases of tax fraud and money laundering.

Some 150 investigators, along with six German prosecutors, conducted searches in Paris and the financial district La Defense, the financial prosecutor’s office said in a statement.

The raids follow five preliminary investigations that were opened in December 2021 in connection with money laundering and aggravated tax fraud related to dividend payments, the statement said.

The operation “required several months of preparation”, the statement said.

A spokesman for Societe Generale confirmed to AFP that the French bank was being searched by authorities, but he said he did not know the reason.