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Network of financiers and banks, has robbed europe of atleast 65 billion dollars

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posted on Oct, 18 2018 @ 02:40 AM
This is all over the danish news.

Apparently banks and financiers have used a loophole, where they where able to get refunded taxes paid back up to 10 times, without ever having paid the taxes in the first place. They call this scam "CumEx" and another version is called "CumCum" (I didnt make up these names)

They dont know exactly how much money is involved in this scam, and we only got the numbers from 5 countries, Denmark, Germany, france, belgium, Italy, where it is believed those 5 countries have lost atleast 65 billion dollars.
Atleast 10 countries in europe is involved in this scandal, so the real number is properly much higher.

This scam is made by a network of financiers and banks, and involves banks like Barclays, Merrill Lynch, JP Morgan, Morgan Stanley, BNP Paribas, Banco Santander, Macquaire Bank and Deutsche Bank.

Sanjay Shah is believed to be the mastermind behind this scam, which may have been going on since 2001.

danish source
another Danish source
Sanjay Shah wiki

Their isnt a lot of news about this yet, so cant find a lot of sources or information yet, but i think this is HUGE!

This just sounds like something from a bad movie, but apparently it is all real. It involves big players, and i have my doubt that anyone will be held accountable for this, but i sure hope iam wrong.

What does ATS have to say about this?

posted on Oct, 18 2018 @ 02:42 AM
a reply to: IAMNOTYOU

Found this newspiece in new york times from 5. october about the 2 billions dollars lost in Denmark, and it details some of what have been going on in this huge scam. ml

posted on Oct, 18 2018 @ 03:10 AM
Isn't it just electronic money though?

posted on Oct, 18 2018 @ 03:13 AM
a reply to: musicismagic

No. Those are tax refunds paid out from the government, partially even DOUBLE payout in an illegal way.
Is big news in Germany today, too!

posted on Oct, 18 2018 @ 03:16 AM

originally posted by: musicismagic
Isn't it just electronic money though?

It is money paid from the IRS, to the scammers. REAL money. But money is nothing but paper and numbers on a screen, but still real money they can use for whatever they want.

posted on Oct, 18 2018 @ 03:25 AM

Reuters gave the following example of how the scheme would work, in essence:

"A bank would agree to sell a company stock, for example to a pension fund, before the dividend payout but delivered it after it had been paid. The bank and the fund would both reclaim withholding tax.

Cum-ex tax scandal cost European treasuries €55 billion

edit on 18-10-2018 by MindBodySpiritComplex because: (no reason given)

posted on Oct, 18 2018 @ 03:42 AM
I'd like to see the world economy become a fair and balanced system, something that can be strong and endure. However, greed and corruption seem to be present in almost every human endeavor. Everything is up for grabs if you can take it regardless of who or what it ends up harming.

It's news like this that has me hoping for a global financial melt down that will wipe out the current greedy practices, forcing humanity to become humble and create a new system that protects the world from such corruption. Unfortunately, I don't expect people to change but only get worse if such a world wide financial meltdown occurs. When it comes down to it, humans are naturally greedy, corrupt and mostly unconcerned about anything other than their own personal gain.

ETA: I know there are people who don't live their lives based on greed and personal gain over all else, but they are few and far between and seem to be getting rarer these days. Usually it is the people who know how it is to live without that are the least greedy and willing to be fair and charitable.
edit on 18-10-2018 by MichiganSwampBuck because: (no reason given)

posted on Oct, 18 2018 @ 05:29 AM
Well, if it's a tax scam then Luxembourg is probably at the centre of it, as that pointless country has been made rich by shell companies leeching from other EU members. Oh look, the ex -prime minister of Luxembourg happens to be the president of the unelected EU's European Commission. His name is Jean-Claude Juncker.

The other country that is rich from EU tax abuse is the Republic of Ireland.

posted on Oct, 18 2018 @ 06:08 AM
youve forgott to name holland in youre list of renegate country's ! hihi

a reply to: paraphi

posted on Oct, 18 2018 @ 06:09 AM
Yep I was just ranting on another thread the central bank's get our's evil and about to fail....

All fiat systems fail and need a scapegoat to blame it on

This time no scapegoat

posted on Oct, 18 2018 @ 06:13 AM
and propperbly NO payback "coase of bad financial situation"of the banks….the bastards !!!a reply to: GBP/JPY

posted on Oct, 18 2018 @ 08:20 AM
a reply to: MichiganSwampBuck

Any global financial collapse will hurt average people far more than those who profit off these scams.

posted on Oct, 18 2018 @ 11:00 AM

originally posted by: watchitburn
a reply to: MichiganSwampBuck

Any global financial collapse will hurt average people far more than those who profit off these scams.

I realize that, I just don't see how things will ever improve based on how greedy the world seems to be. Kind of thought I made that pretty clear in my post. I really don't think a world currency would help, or any kind of NWO for that matter. Not sure if there really is a system that will make things better in the long run. Sure seems like the one we have now isn't working out all that well though.

posted on Oct, 18 2018 @ 11:24 AM
a reply to: watchitburn

Unless its like Iceland but more. Off with their heads

posted on Oct, 18 2018 @ 12:18 PM

originally posted by: zardust
Unless its like Iceland but more.

That's because Iceland got away with not returning money put into so-called "safe" Icelandic banks. This corruption enriched Icelanders when they had it. Victims of the Icelandic banking scam included public institution in the UK. Smug are the rich Icelander's as they tuck into their whale flesh.

The victim of this scam detailed by the OP are countries who have been deprived of tax revenue.

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