Raids on Deutsche Bank's offices in Frankfurt after 2016 'Panama Papers' data leak

The allegation for that Germany's biggest lender helped clients set up offshore companies in tax havens to "transfer money from criminal activities" to Deutsche Bank accounts.

Published: 29th November 2018 03:56 PM  |   Last Updated: 29th November 2018 03:56 PM   |  A+A-

Deutsche_Bank_Reuters_Photo

A logo of a branch of Germany's Deutsche Bank is seen in Cologne, Germany. (Photo | RTeuters)

By AFP

FRANKFURT AM MAIN: German prosecutors raided several Deutsche Bank offices in the Frankfurt area Thursday over suspicions of money laundering based on revelations from the 2016 "Panama Papers" data leak.

The investigation centres on allegations that Germany's biggest lender helped clients set up offshore companies in tax havens to "transfer money from criminal activities" to Deutsche Bank accounts, the Frankfurt prosecutor's office said.

Some 170 police officers and investigators from the prosecutor's office were searching six of the bank's premises in and around the city, it added in a statement.

Deutsche Bank confirmed the raids and said it was "fully cooperating" with the authorities.

"The case is related to the Panama Papers," it added.

READ: Oops...Deutsche Bank makes 28 billion euros transfer in error

The Panama Papers scandal that erupted in 2016 with a massive data leak from Panamaian legal firm Mossack Fonsenca exposed large-scale tax evasion, laying bare how the world's wealthy and powerful stashed their assets in offshore businesses.

Deutsche Bank was among hundreds of financial institutions whose names cropped up in the media reports about the Panama Papers.

The Frankfurt prosecutors said their probe was focussing on two Deutsche Bank employees aged 50 and 46, as well as "several" unnamed senior staff members.

Based on information from the Panama Papers, they are accused of "failing to report suspicions of money laundering" linked to offshore firms involved in tax evasion "even though there was sufficient evidence" to suggest illegal activity, prosecutors said.

Shares in Deutsche Bank fell 2.7 percent to 8.36 euros by 1000 GMT, against a DAX blue-chip index up 0.6 percent.

Stay up to date on all the latest World news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp