The Italian tax police yesterday raided the Milan and Rome offices of four large foreign banks in connection with an investigation that Milanese prosecutors are pursuing into a possible derivatives fraud case.
Sources with knowledge of the situation said the Guardia di Finanza had raided the Milan offices of JP Morgan, Deutsche Bank, UBS and Depfa Bank, and that all banks were co-operating fully with the authorities. Depfaâs Rome office was raided too.