FRANKFURT, Germany, April 15, 2026 (BSS/AFP) - Authorities searched homes and premises Wednesday in Germany and the Netherlands targeting at least 15 people in an alleged "cum-ex" fraud case, German prosecutors said.

Cum-ex cases involve investors rapidly trading shares and creating confusion about who owns them when, to allow multiple people to claim rebates on taxes that were paid only once.

Wednesday's searches targeted individuals and tax advisory firms, the Cologne prosecutor's office, which is leading the investigation, told AFP.

Authorities searched workplaces and homes in Frankfurt, Limburg an der Lahn and Bitterfeld in Germany, as well as in Amsterdam and the province of Utrecht in the Netherlands.

"The searches are aimed in particular at finding relevant communications in the form of emails and other written correspondence," the prosecution spokesman added.

One of those targeted was a former Dutch banker arrested in his country in 2023 before being released under electronic monitoring, Germany's Handelsblatt reported.