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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap German Credit Suisse branches raided in tax probe AFP - 22 minutes ago Send IM Story Print FRANKFURT (AFP) - – Authorities raided Credit Suisse bank branches across Germany Wednesday on suspicion they helped rich account-holders hide money from the taxman, part of a probe that has angered Switzerland. About 150 investigators swooped on 13 German branches of the second biggest Swiss bank, the prosecutor's office in Duesseldorf, western Germany said. State attorney Johannes Mocken said the searches "targeted Credit Suisse staff suspected of having assisted tax fraud by clients." In Zurich, Credit Suisse said in a statement that it was "cooperating with the relevant authorities" in Germany but added: "As it is an ongoing investigation, we cannot provide more information." Credit Suisse shares fell 1.58 percent to 44.98 Swiss francs in afternoon trading, while the Swiss Market Index on which they are listed was off by 0.41 percent overall. In February, officials in the German state of North Rhine-Westphalia bought a computer disc for a reported 2.5 million euros (3.2 million dollars) with information on 1,100 wealthy Germans linked to the investigation. They were urged to come forward of their own accord to avoid prosecution, and at least 12,000 had done so by late March. A spokesman for Duesseldorf prosecutors told AFP in March that "the Credit Suisse clients have investments in total of around 1.2 billion euros." The amount of tax owed to the authorities was unclear, he added, but according to several sources they stood to recover up to 400 million euros. A union of German tax workers said the sum might reach one billion euros. Swiss authorities slammed the purchase of confidential data and the affair provoked diplomatic tension with Germany, which is nonetheless determined to recover tax revenue from accounts in neighbouring countries where funds may have been deposited to evade tax. The identity of the seller of the information has never been revealed, and the saga prompted a high-profile debate in Germany about paying for illicit data to plug gaping holes in the national budget. In 2008, a similar deal that cost Germany 4.2 million euros netted a list of names and bank accounts in the principality of Liechtenstein that allowed officials to recover about 200 million euros in unpaid taxes. The former head of the logistics group Deutsche Post was also arrested as part of that operation. The saga put Liechtenstein and other tax havens including Switzerland in the firing line of international efforts against offshore banking havens and tax dodgers. Fellow Swiss banking giant UBS is the object meanwhile of a separate probe by the German financial market watchdog BaFin. In late March, Germany and Switzerland reached agreement on the principle of a convention that would regulate taxation of individuals with financial interests in both countries. Talks have dragged on however and a final accord has not been signed, with one outstanding issue being the control of German assets placed in Switzerland. A German finance ministry spokesman told AFP on Wednesday: "We are working on the assumption that talks with Switzerland will continue to be constructive and take place in a climate of mutual trust." UBS has also found itself under scrutiny for allegedly helping the wealthy hide money from tax officials. In a state-brokered settlement in August 2009, UBS warded off a bruising US government lawsuit by agreeing to hand over confidential details on about 4,450 clients and US taxpayers. 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