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German raids on homes of Credit Suisse clients

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08:39 CEST+02:00

German authorities investigating suspected tax fraud have started nationwide raids of many Credit Suisse bank clients, the Handelsblatt financial daily reported Wednesday.

About 7,000 custumers of the Swiss bank, mostly German nationals, are being targeted in the investigation, while the total avoided tax is believed to be in the billions of euros, reported the newspaper.

"We have advised clients to consult tax experts to check their tax situations and, if necessary, to make themselves available to authorities," Credit Suisse spokesman Marc Dosch was quoted as saying.

The probe involved clients who had bought insurance products issued by Bermuda-based Credit Suisse Life, said the daily.

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