An Indian Involved in the Biggest Tax Evasion of European History

An Indian Involved in the Biggest Tax Evasion of European History

Martin and Paul worked for Merrill Lynch, the investment banking arm of Bank of America. In 2004, the two met at Merrill's office in London

An Indian involved  in the biggest robbery in the last hundred years or the unprecedented tax evasion of the history of Europe. Two investment bankers Martin Shield and Paul Mora, through a 'Comex Trading' scheme, evaded tax of $ 60 billion (Rs 4.2 lakh crore at current price) from the treasury of many countries in Europe. Hundreds of bankers, investors and lawyers also supported him in this work. However, they did not know what the game was going on. This sensational scandal of tax evasion was carried out between 2006-2011. The most embarrassing thing in this game has been that the name of an Indian is also coming in it.

Martin and Paul worked for Merrill Lynch, the investment banking arm of Bank of America. In 2004, the two met at Merrill's office in London. It was here that the two together started a scheme called 'Comex Trading'. Under this, investors were protected from double taxation. This means that there is a minimum tax and maximum savings on the earnings from the investment.

Britain resident Martin and New Zealander Paul were so knowledgeable and clever that they used to take double refunds on dividend tax payments. The entire game was run using the correct timing and weaknesses of the law. He had mastered this task. The business of 'Comex Trading' spread rapidly due to high savings.

The trial of this biggest tax evasion case in the history of Europe is currently going on in a court in Bonn (Germany) since September last year. The biggest challenge before local government lawyers is to prove Martin and Paul guilty in a court hearing lasting until February this year. They have to tell how such a huge tax was stolen through this scheme. However, the trial judge last month termed the Comex Trading Scheme as a collective attempt to loot the state exchequer.

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