Société Générale Offices Raided France Luxembourg in Tax-Fraud Probe

French authorities conducted coordinated raids on Société Générale offices in La Défense near Paris and Luxembourg as part of an ongoing investigation into alleged tax fraud and money laundering. The probe, initiated by France's National Financial Prosecutor's Office (PNF) in January 2024, is examining whether the bank designed and operated tax-driven schemes to benefit major French companies since 2009. Four individuals, including senior executives, were taken into custody, and their homes were searched during the operation involving around 80 investigators and 11 magistrates. The investigation focuses on accusations of aggravated money laundering of tax fraud and criminal conspiracy, separate from other related inquiries into tax avoidance. Société Générale has declined to comment on the investigation, which has been reported by multiple sources including Le Monde and Reuters. This case is part of wider European efforts to clamp down on financial malpractice such as the 'cum-ex' dividend stripping scheme previously scrutinized by French authorities.