A branch of Dutch bank ABN Amro was searched in the bank's second raid relating to the investigation. ABN Amro is also being probed for money laundering.
A commercial bank in Frankfurt has been raided in connection with the European "cum-ex" tax scandal.
Several investigators and police officers searched a German branch of the major Dutch bank ABN Amro, in the middle of the Frankfurt financial district.
Cologne prosecutors, who are responsible for the investigation, confirmed the raid and its connection to the cum-ex investigations, but did not provide further details.
ABN Amro said it was cooperating with German authorities and would help make all information available. The bank is one of a long list of companies whose offices have been raided over the scandal, including Commerzbank AG and Deutsche Bank AG.
The raid is the second for the branch in just a few months; The Frankfurt Attorney General's Office ordered a raid on the bank's Frankfurt offices in November as part of a wider set of investigations.
The office accused six people of causing tax damages worth a total of €53.3 million ($58.5 million). According to the Süddeutsche Zeitung, several former managers of one of the bank's umbrella organizations are suspects in the case.
ABN Amro is also suspected by Dutch authorities of money laundering after failing to report suspicious transactions.
Banks involved in facilitating the cum-ex strategy, which was used for over a decade, helped investors make use of a financial loophole that allowed multiple parties to claim the same tax refund. The strategy resulted in over €10 billion in lost revenue for the German government.
ABN Amro said earlier this month that it may face "financial consequences" as a result of the investigation, and that it "frequently receives information requests from German authorities in relation to other investigations," according to Bloomberg.
lc/aw (Reuters, dpa)