Caterpillar office raided by tax agents

Caterpillar spokesperson Corrie Heck Scott confirmed the operation, stating in an email: "Law enforcement is present in various Peoria-area Caterpillar facilities executing a search warrant".

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Caterpillar has previously disclosed receiving a grand jury subpoena in January 2015 related to the "movement of cash among its USA and overseas subsidiaries", as well as purchases and resale of spare parts.

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Investigators executing search warrants represented the Federal Deposit Insurance Corporation's Office of Inspector General, the IRS' Criminal Investigation Division and the U.S. Department of Commerce's, Office of Export Enforcement, Paul confirmed.

A report by the Senate Permanent Subcommittee on Investigations found that Caterpillar's USA operations had bought parts from suppliers and resold them to independent dealers overseas. But "Caterpillar is cooperating", the company says. Caterpillar has a financial unit that lends to customers.

Shares of Caterpillar, which makes industrial equipment used by the construction, mining and oil industries, fell 5.1 percent to $93.52 in midday trade. She declined to comment further.

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Three years ago, Caterpillar company reps were called to testify before a U.S. Senate subcommittee about a tax strategy that shifted profits to Switzerland, according to Crain's.

Federal agents arrived to Caterpillar's global headquarters mid-morning and begain seizing documents and electronic records.

"What a great company", said Trump before the meeting.

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