Lista episodi

2005: Inger Brøgger becomes head of SKAT's dividend department, but quickly discovers that something is completely wrong: SKAT is paying out colossal amounts in dividend tax refunds seemingly blindly to anonymous shareholders. Inger and her colleague Niels Jensen become suspicious. In Frankfurt, high-profile tax lawyer Bernd Hausner and his ambitious young colleague Sven Lebert develop a business model where dividend tax is refunded twice through complex share transactions: Cum-Ex.

Banks block Inger's tax reform efforts. The 2008 crisis drives demand for safe, profitable investments. Hausner and Lebert launch a company in Germany to meet this need, but their success breeds jealousy.

Inger goes directly to the Minister of Taxation, but when her warnings go unheeded, she seeks out journalist Jesper Liholt. Frustrated that Olga's application for a residence permit has been rejected, Niels considers his options for raising money for their new life together. Hausner and Lebert discover that their business partner Fred Allen has cheated them, and that a new law threatens to destroy their plan. Lebert considers a future without Hausner for the first time.

A personally pressured Niels decides together with his friend Mikkel to commit a CumEx trick/trick through a fictitious company. Inger dives into suspicious CumEx cases at SKAT to demonstrate their methods - including one particular case, namely Niels' and Mikkels. Case manager Anna Nowak rejects the payment for Hausner's new CumEx fund, and state prosecutor Lena Birkwald becomes involved in the case.

Niels comes under the spotlight of State Prosecutor Brian Andersen after a routine check reveals an unusually large transfer of money to Niels' account. Olga confronts Niels about his changed behavior, and he is forced to confess. Birkwald gains new insight into the global dimensions of the CumEx network, and she seeks international support from Eurojust to conduct searches of banks and law firms across Europe's borders.

Niels is accused and must stand trial in Denmark. Inger comes into possession of incriminating evidence against him and must choose between her friend and her sense of justice. The European searches led by Birkwald increase the pressure on the masterminds behind CumEx. In a desperate attempt to get out of this hellhole, Lebert realizes that he will have to betray his mentor Hausner to save himself.

Journalists Liholt and Fromm expose a financier's role in the CumEx scandal. Their multinational investigation sparks a Danish commission. Bank rep Hesseldahl visits Niels in prison.

Niels' testimony in the investigation commission becomes crucial to clearing Inger's name, as banks, lawyers and politicians are busy abdicating any responsibility for enabling the dividend tax scam. Media coverage intensifies and the investigation expands throughout Europe. Birkwald succeeds in getting better funds and staffing to prevent the tax scam and at the same time ensure that the banks repay their suspicious profits.