Photo : webshot.

September 1, 2021

Andrew Campbell 

Swiss authorities demand to extradite Hanno Berger back to Germany. He is reportedly involved in a tax deceit case. It is regarded as the biggest fraud in Germany, which costs over 5 billion euros according to the authorities. 

Berger, a German lawyer, was arrested last month, but he can still appeal against the extradition to the Swiss highest court.

The fraud is related to “cum-ex products,” which is sentenced as a kind of tax evasion in Germany. The shares are moved in and out near the final date among wealthy clients. Because of the short transaction time, it’s hard for tax authorities to find out who is the real owner during this process. Therefore both buyer and seller can earn the refund tax while originally tax is collected once.