E1 - Episode 1

Aired: April 13, 2025

In Frankfurt, tax lawyer Dr. Bernd Hausner and the young Sven Lebert set up a fund based on the double refund of capital gains tax: so-called Cum-Ex transactions.

E2 - Episode 2

Aired: April 13, 2025

In Germany and Denmark, legislation is being drafted in parallel to prevent cum-ex transactions. However, in both countries, the banking lobby is succeeding in influencing the legislation.

E3 - Episode 3

Aired: April 13, 2025

Hausner and Lebert realize that their business partner, Fred Allen, has been cheating on them for years; they can't report him. For the first time, Lebert considers a future without his mentor.

E4 - Episode 4

Aired: April 13, 2025

Young tax official Anna Nowak refuses to reimburse Hausner and Lebert's funds worth millions. She informs public prosecutor Lena Birkwald, who takes over the case.

E5 - Episode 5

Aired: April 14, 2025

Public Prosecutor Birkwald and her team are slowly becoming aware of the extent of the cum-ex transactions. She is pursuing a plan to conduct simultaneous searches in 16 countries.

E6 - Episode 6

Aired: April 14, 2025

The worldwide searches were a complete success for Public Prosecutor Birkwald – much to the displeasure of Hausner and Lebert. Lebert also learned that he had been let down by her.

E7 - Episode 7

Aired: April 14, 2025

With Lebert's help, investigative journalists Liholt from Copenhagen and Fromm from Hamburg deceive the Cum-Ex fraudster Akram and get a picture of the shocking extent of the scandal.

E8 - Episode 8

Aired: April 14, 2025

Lena Birkwald succeeds in making the extent of tax fraud clear to the Finance Minister of North Rhine-Westphalia. But Birkwald also wants to get to grips with the institutions themselves: the banks.