French prosecutors probe Paris offices of five big banks amid global banking crisis

Mark Battersby
clock • 1 min read

French authorities raided five banks in Paris' financial district on 28 March, as part of a huge investigation into a multi-billion euro tax fraud scheme. The searches come as the global banking sector is in turmoil following this month's collapse in the United States of Silicon Valley Bank and Signature Bank, and the government-orchestrated takeover of Credit Suisse by rival UBS.  The French National Prosecutor's Office confirmed in a statement on 28 March that the raids on the banks were the result of five preliminary investigations of aggravated tax fraud, originally opened in Dece...

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