UniCredit German Unit Raided in €200 Million VAT Fraud Probe (2)

European prosecutors raided a UniCredit SpA unit in Munich in a probe investigating a possible €200 million ($212 million) tax fraud.

The European Public Prosecutor’s Office said in a statement Friday that they conducted searches at a bank in Munich in connection with an investigation into a company director suspected of receiving hundreds of millions in bank transfers into his accounts, which originated from a VAT fraud.

“The investigation is related to an historical case involving an individual client and more than one European bank,” a UniCredit spokesman said, adding that the client relationship has ended. “This issue was previously ...