Denmark fines German bank 14.7mn euro over tax fraud

Denmark slapped a German bank with a fine of 110 million Danish kroner (almost USD 16.2 million or 14.7 million euro) on Monday in a case which is part of the biggest fraud scandal the country has seen.

The case relates to the European "cum-ex" tax scam.

North Channel Bank was found guilty of facilitating "1.1 billion kroner (that) was unjustifiably paid out from the Danish treasury," according to a statement by the Danish Prosecution Service.

The German bank admitted its role in the fraud case and accepted the fine at the district court in the Copenhagen suburb of Glostrup, the statement continued.

The case is part of a wider affair in which Denmark is estimated to have lost 1.7 billion euros to fraudulent tax return claims.

First revealed in Denmark in 2015, it is considered the largest case of tax fraud in the history of the country, which is now revising its tax code.

The scam centred around companies, funds or individuals using a system of exchanging stocks in companies to claim .