Frankfurt: Deutsche Bank AG’s premises, including its headquarters in Frankfurt were being searched by prosecutors on Thursday in a money laundering probe, prosecutors said in a statement. Two bank employees, aged 50 and 46, were targeted as suspects in the case, according to the statement. Prosecutors said about 170 officials and police were involved in the raids.

In an emailed statement, Deutsche Bank confirmed that police are investigating at several German locations in relation to Panama Papers, and said it is fully cooperating with authorities.

Deutsche Bank shares fell as much as 4.7% on Xetra. They were down 3.2% at €8.32 at 10.40am in Frankfurt.

A probe into the so-called Panama Papers exposed evidence Deutsche Bank helped clients set up off-shore accounts, prosecutors said.

The lender may have helped clients in setting up offshore companies in tax havens. Money obtained illegally may have been transferred to accounts at Deutsche Bank, which failed to report the suspicions that the accounts may have been used to launder money, Frankfurt prosecutors said.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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