Our newest research sheds light on the true dimensions of cum-ex fraud. Now, the evidence is undeniable: the cum-ex system is global. Three years after the first CumEx Files, CORRECTIV has once again brought together a group of 30 journalists - this time from five continents. But even then, we suspected that this was not the full extent of the fraud. With the help of experts, we calculated that €55.2 billion were lost to tax-driven deals like cum-ex trades. In 2018, when many believed cum-ex trading was primarily a German problem, a team of 38 journalists led by CORRECTIV revealed that the scammers were doing business throughout Europe. At the same time, there are overburdened authorities, cumbersome procedures, rigid structures and a patchwork of administrative responsibilities. The fraudsters operate in a fast-paced, globalized market with highly complex rules. With few exceptions, many countries effectively let them operate with impunity. Shah has long been among the winners of a huge, and likely fraudulent, game in which a network of banks, consultants and investors used tricks, shorting and sophisticated trading patterns to scam billions from public funds. The German Federal Court of Justice has already dealt with the types of trades he considers legal, and their past rulings have been consistent: tax evasion. But things are about to get tight for the banker. Of course, the presumption of innocence also applies to Shah.
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