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Deutsche Bank laundering probe yields tax raids across Germany
[BERLIN] A German money-laundering probe looking at Deutsche Bank AG brought a wave of raids by Frankfurt prosecutors targeting eight "wealthy" individuals who may have hidden money in off-shore companies.
The suspects' homes were raided Wednesday as well as offices of 11 banks, four tax advisers and six asset-management companies in an investigation into tax evasion, Frankfurt prosecutors said in an emailed statement. The release didn't identify the banks, people or companies concerned. Once the raids are completed, prosecutors said, more information will be disclosed.
The case is related to searches of Deutsche Bank made in November. That money-laundering probe stems from the 2016 disclosures known as the Panama Papers and focuses on a former unit in the British Virgin Islands that processed 311 million euros (S$477 million) in 2016 alone.
Deutsche Bank is one of the companies that were subject to searches, according to a person familiar with the situation who declined to be identified because the case is still private.
Deutsche Bank spokesman Christian Streckert didn't immediately reply to an email seeking comment.