The largest bank of Germany, Deutsche Bank AG, admitted that it had done criminal offense and agreed to pay a sum of five hundred and fifty three million and sixty thousand dollars for avoiding prosecution in the US court. It had fraudulently sheltered taxes from which as much as twenty nine billion dollars generated in fake tax losses.

The American Department of Justice as per agreement won't be prosecuting Deutsche Bank AG, the Frankfurt based bank for doing fraud or evading tax in enabling rich American citizens avoid paying five billion and ninety million dollars in taxes following the admittance of the bank that it had done wrong.

In the settlement a penalty amounting to on hundred and forty nine million dollars is included. It is the fees generated by the bank from sheltering tax evasions and the penalties and taxes that could not be collected by Internal Revenue Service from tax payers due to misconduct, as per the agreement.

Deutsche Bank, from the year of 1996 till 2002 had assisted rich affluent American citizens who had reported to have enjoyed approximately twenty nine billion and three million dollars worth bogus tax benefits from their tax returns. As per the agreement the Deutsche Bank acknowledged that it was wrong in their part to get involved in those kinds of transactions and the bank highly regretted it.

The settlement came up from one of the US probes on illegal tax shelters sold by an accounting company KPMGLLP. KPMG executives were charged with criminal offenses by the US earlier. However the charges brought against them got dismissed in January 2007 after the firm paid a penalty of four hundred and fifty six million dollars.