Europe: $60 billion siphoned off in what is being called the 'Biggest Tax Heist Ever'

Two men, Martin Shields and Paul Mora stand accused of taking part in what some people are calling 'robbery of century'. One acemic who is privy of details has dubbed what Sheilds and Mora did as " biggest tax ft in history of Europe". From 2006 to 2011 se two along with hundreds of bankers, lawyers and investors siphoned off a whopping $60 billion.

Germany hardest hit

entire $60 billion that duo stand accused of stealing originated from state coffers of European countries. One of those accused was quoted saying that taxpayer funds were easy targets because y are never-ending. scheme that duo run was based around principle of 'cum-ex tring', which translated from Latin means 'With-Without'.

Cum-ex tres were transactions that produced two refunds for dividend tax paid on one basket of stocks. This process was repeated over and over again as kwledge of cum-ex tres spre like wildfire. Germany, according to reports, was hardest hit having suffered around $30 billion in losses which were followed by France that suffered $17 billion in losses. Countries like Spain, Italy, Belgium, Austria, rway, Finland, Poland were also hit but on a smaller scale.

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first Cum-ex prosecution began in Bonn, Germany in September last year and is expected to last until February. German prosecutors plan on making am an example of Sheilds. Mora was indicted last December and will be tried separately. Both stand accused of costing German treasury $500 million.

400 or suspects in 56 investigations are also being targeted by German prosecutors. Shields has t yet entered a guilty or incent plea but reports suggest that he is cooperating with authorities in hopes of winning leniency. Mora, through his lawyers, has denied any wrongdoings.

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(with inputs from ncies)