German police search Deutsche Bank branches on suspicion of money laundering

BarcelonaGerman police raided Deutsche Bank offices in Frankfurt and Berlin on Wednesday on suspicion of money laundering, just one day before the bank was due to release its financial results for the past year. The Frankfurt prosecutor's office reported that executives and employees, whose identities have not been released, are under investigation, according to the weekly magazine. Der SpiegelA Deutsche Bank spokesperson confirmed to EFE the search of its offices and stated that they are fully cooperating with the Public Prosecutor's Office. "We confirm that a measure ordered by the Frankfurt Public Prosecutor's Office is currently being implemented at Deutsche Bank's offices," the spokesperson for the German bank said. Deutsche Bank shares fell 3% to €32.48 on the Frankfurt Stock Exchange during the day, following news of the investigation by the Public Prosecutor's Office and the Federal Criminal Police Office (Bundeskriminalamt). The investigation focuses on Deutsche Bank's past business dealings with foreign companies suspected of being created for money laundering and owned by Russian oligarch Roman Abramovich, according to reports. Der SpiegelAbramovich has been on the European Union's (EU) sanctions list since spring 2022. Approximately 30 plainclothes police officers searched Deutsche Bank's headquarters offices starting around 10 a.m., according to the weekly magazine.