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Report: Former Deutsche Bank trader charged for suspected tax fraud

German prosecutors have charged a former Deutsche Bank AG trader over suspected involvement in value-added tax fraud, City A.M. reported.

The trader — a 48-year-old Austrian — is accused of being part of a gang in a VAT carousel connected to €145 million of evaded tax, the newspaper said, citing a statement from the Frankfurt attorney general's office.

In June 2016, a German court found seven former Deutsche Bank managers guilty of participating in carbon trading tax fraud that allowed them to evade €145 million in taxes.

The case stems from a probe into so-called carousel trades in the European carbon market in 2009 and 2010, in which some importers of emissions permits avoid paying value-added taxes.

Prosecutors did not disclose the trader's identity but the person is said to be Hector Freitas, a former employee at the German lender's London office, according to the Aug. 7 report.