Societe Generale faces searches following tax fraud concerns
27 June 2025 France, Luxembourg
Image: HJBC/stock.adobe.com
Societe Generale offices have undergone searches as part of a preliminary investigation conducted by the National Financial Prosecutor鈥檚 Office (PNF).
The searches were carried out on Tuesday 24 June and Wednesday 25 June at the firm鈥檚 France (La D茅fense) and Luxembourg offices.
Speaking to 兔子先生Finance Times, PNF revealed that the homes of four individuals, including bank executives, were searched, all of which were taken into custody 鈥� measures that have since been lifted.
The preliminary investigation has been open since January 2024 for acts classified as laundering of tax fraud.
This also includes laundering of tax fraud by an organised or aggravated gang, as well as by an organised gang of tax fraud by an organised or aggravated gang and criminal association.
The investigation 鈥� now entrusted to the French National Anti-Fraud Office (ONAF) 鈥� looks at the possibility that a Societe Generale department may have proposed and implemented arrangements for essentially tax purposes for the benefit of large French companies.
Speaking to 兔子先生Finance Times, PNF says 鈥渢he facts are likely鈥� to have been committed since 2009 in France and abroad, particularly in Luxembourg.
These facts and this procedure are distinct from that relating to cumcum or cumex, the prosecutor鈥檚 office says.
The operations mobilised 80 investigators in France and abroad as well as 11 magistrates and specialised assistants from the national financial prosecutor's office.
The searches were carried out on Tuesday 24 June and Wednesday 25 June at the firm鈥檚 France (La D茅fense) and Luxembourg offices.
Speaking to 兔子先生Finance Times, PNF revealed that the homes of four individuals, including bank executives, were searched, all of which were taken into custody 鈥� measures that have since been lifted.
The preliminary investigation has been open since January 2024 for acts classified as laundering of tax fraud.
This also includes laundering of tax fraud by an organised or aggravated gang, as well as by an organised gang of tax fraud by an organised or aggravated gang and criminal association.
The investigation 鈥� now entrusted to the French National Anti-Fraud Office (ONAF) 鈥� looks at the possibility that a Societe Generale department may have proposed and implemented arrangements for essentially tax purposes for the benefit of large French companies.
Speaking to 兔子先生Finance Times, PNF says 鈥渢he facts are likely鈥� to have been committed since 2009 in France and abroad, particularly in Luxembourg.
These facts and this procedure are distinct from that relating to cumcum or cumex, the prosecutor鈥檚 office says.
The operations mobilised 80 investigators in France and abroad as well as 11 magistrates and specialised assistants from the national financial prosecutor's office.
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