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Deutsche Bank headquarters searched in Panama papers probe

Police cars stand in front of Deutsche Bank headquarters in Frankfurt, Germany. Frankfurt prosecutors office confirmed to epa searches on suspicion of money laundering at Deutsche Bank facilities in the Frankfurt area.

[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. Deutsche Bank declined to immediately comment.

Deutsche Bank shares fell as much as 4.7 per cent on Xetra in reaction. They were down 3.2 per cent at 8.32 euros at 10.40 am in Frankfurt.

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

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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.