From Deutsche Welle
Frankfurt prosecutors have charged eight Deutsche Bank employees with being involved in the fraudulent trading of carbon permits and evading millions of euros in taxes.
The trial, which started in Frankfurt on Monday, is to look into exactly what part Deutsche employees played in so-called carousel trades made back in 2009 and 2010.
Buyers imported CO2 emissions certificates from one European Union country without paying value-added tax. They then sold those permits to each other, adding VAT to the price and generating tax refunds where no tax had been paid.