One of the biggest scams in German history is the "Cum-Ex" scandal, which involved banks and financial institutions exploiting a loophole in the country's tax laws to fraudulently claim billions of euros in tax rebates.
The Cum-Ex scheme involved buying and selling shares around the time that dividends were paid out, and exploiting differences in tax laws to claim multiple refunds for a single payment of dividend taxes. The scheme was legal at the time, but in 2011 the German government closed the loophole and banned the practice.
Despite this, it was discovered that some banks and financial institutions continued to engage in Cum-Ex transactions, using increasingly complex and opaque methods to hide the true nature of their activities from tax authorities. The total amount of money involved in the scam is estimated to be around €30 billion, with billions of euros of tax revenue lost.
The scandal has led to a series of investigations and criminal trials in Germany and other countries, with a number of individuals and companies being charged with fraud and other offences. It has also sparked public outrage and raised questions about the effectiveness of regulatory and law enforcement agencies in preventing financial crimes.
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