Wednesday 28th September 2016                 Change text size:

Deutsche Bank HQ searched by police



Deutsche Bank by Elliot Brown via Flickr

Deutsche Bank has confirmed that its headquarters in Frankfurt have been searched by police as part of a probe into tax evasion.

Law enforcement agencies raided the Frankfurt based bank headquarters early on Tuesday as part of a probe into tax evasion relating to customer security transactions.

German prosecutors are said to be looking into possible criminal activities of both the bank and individuals in the hope of considering the possibility of bringing prosecutions.

The bank confirmed this on Tuesday and insisted that bank staff were not accused of breaking any laws.

“Today, offices of Deutsche Bank in Frankfurt are being searched on behalf of the Wiesbaden Public Prosecutor’s Office. The search is related to an investigation into securities transactions by clients.” 

“Employees of the Bank are not accused of wrongdoing.”

Detusche Bank – Germany’s largest bank – is now the target of this new investigation following successful legal settlements over currency manipulation in the US and Europe. It has also been involved in allegations of Russian money laundering.

Prosecutors in Frankfurt told USA Today that it would not confirm companies or individuals being investigated.

“We cannot tell you what the subject matter of the investigation is because the searches are still going on today,” Frankfurt’s chief prosecutor said.

“That’s why we’re quite unhappy that we’re getting press requests while investigations are still ongoing.

“We will only confirm that investigative action has taken place today. We as an investigative authority in principle do not confirm the names of companies or individuals being investigated. Therefore I can only confirm that we’re conducting an investigation, but I cannot disclose the name of any companies or the names of certain people.”

Image: Elliot Brown via Flickr

Further reading:

Deutsche Bank faces €92m loss over soaring legal cost

Deutsche Bank to raise €8bn in capital from investors

Deutsche Bank reports loss as legal costs surge

Deutsche Bank, HSBC and Bank of Nova Scotia accused of fixing the price of silver

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