Credit Suisse's next scandal has emerged: the bank is at the center of a Dutch-led tax investigation to root out millions held in an offshore Swiss bank account. Authorities froze bank accounts and seized luxury assets.

Dutch authorities on Friday detailed raids (in Dutch) they carried out in four cities this week, seizing luxury cars, real estate, a gold bar, jewelry. The investigation sparked raids in Paris, London and Australia as well, Dutch authorities said.

«Tax dodgers who are the subject of investigation in the various countries all have parked the money in the same Swiss bank,» the Netherlands tax prosecutor said.

That bank? Credit Suisse.

50,000 Accounts

Two people were detained in the Netherlands on suspicion of tax evasion, Dutch news provider «nltimes» reported. Dutch authorities believe 3,800 of its citizens hold offshore accounts with the bank for the purpose of cheating on their taxes

The Dutch investigation quickly spread to neighboring European countries, as well as Australia. Reportedly targeting 50,000 suspicious accounts at Credit Suisse worldwide, it opens up a new criminal worry for the bank as it grapples with a wide-ranging restructuring and capital restoration.

British Pursue Bankers

British media reported that the U.K.'s tax authority, HRMC, has launched a criminal investigation into potential tax evasion and money-laundering by «a global financial institution and certain of its employees» – the wording leads to believe Britain will go after the bank, but also bankers themselves.

«The first phase of the investigation, which will see further, targeted, activity over the coming weeks, is focused on senior employees from within the institution, along with a number of its customers,» HMRC said according to the «BBC».

Devastating Blow

The subtext is devastating for Credit Suisse: not only does it appear to have a UBS-France-sized problem on its hands, it appears to be the only bank at the center of the probe. Three years ago, the bank put a long-running U.S. investigation into tax evasion behind it by paying $2.5 billion in fines and penalties as well as pleading guilty to criminal charges.

The fresh probe comes as the bank acknowledges it owes investors an answer on how it plans to replenish its depleted capital: listing part of its valuable Swiss business, or an outright capital-raising, for example.

News of probe also comes as Credit Suisse faces hefty criticism in Switzerland as well as by renowned international outlets including «Breaking Views», Germany's «Handelsblatt» (behind paywall), and the «Financial Times» (also behind paywall) for hiking top executive pay.

Unlikely Ally

Credit Suisse found an unlikely ally in Switzerland's prosecutor, who breached diplomatic protocol to roundly criticize the Netherlands' methods.

«The Attorney General is alienated by the way this operation has been organized without the involvement of Switzerland. The applicable traditions and rules of international cooperation and legal aid were apparently not observed,» the prosecutor said in an unusually strongly-worded statement.

To be sure, Switzerland's prosecutor will be of little practical help to Credit Suisse on the ground in France, the Netherlands, the U.K. and Australia, where the bank must answer to local, not Swiss jurisdiction.

Dutch authorities said more actions would follow in coming weeks.