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.
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.
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.
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.