Deutsche Bank, one of the world’s leading financial services providers, has been raided by officials accusing Bank of being involved in money laundering. It is a German multinational investment bank and financial services company headquartered in Frankfurt.
Deutsche Bank’s offices in Frankfurt and Berlin have been raided by officials as part of an inquiry into money laundering.
In a statement, the Office of the Federal Prosecutor said it was conducting an investigation, involving the Federal Criminal Police Office, into “unknown individuals and employees” at Germany’s largest bank.
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It said Deutsche Bank had “maintained business relationships in the past with foreign companies” which were suspected of “having been used for money laundering purposes as part of further investigations”.
As per BBC report, a Deutsche Bank spokesperson confirmed that searches had been carried out at its premises but Officials declined to comment on who, at the bank, or which foreign companies are being investigated.
But Why raids have been conducted?
The media has reported that the case might be linked to Russian billionaire Roman Abramovich. But a legal representative for Abramovich told the BBC: “Our client is not aware of any investigations by the German authorities in this matter.
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Earlier also Bank was raided in connection with Money Laundering
It is not the first time the bank’s offices have been searched in connection to money laundering. In 2018, its Frankfurt headquarters and five other offices in the city were raided in a money laundering operation.
The investigation was whether Deutsche Bank staff helped clients set up offshore accounts to “transfer money from criminal activities”, and was focused on activities between 2013 and the start of 2018.
In January 2017, Deutsche Bank agreed to pay U.S. and UK regulators $630 million in fines over artificial trades between Moscow, London and New York that authorities said were used to launder $10 billion out of Russia. The U.S. Federal Reserve fined the bank an additional $41 million for failing to ensure its systems would detect money laundering in May 2017.
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