German authorities raided the headquarters of Deutsche Bank in Frankfurt Thursday morning as part of ongoing investigations about alleged money laundering by the German megabank.
According to reports by Euronews, a total of 170 people, including prosecuting staff and police officers are at the bank’s main building.
The news of the raid resulted in a 3% drop in the value of Deutsche Bank shares.
According to sources, German legal authorities suspect two Deutsche Bank officials of facilitating clients to launder money from illegal activities via offshore companies.
The investigations resulted after relevant intelligence came to light through the leak of the “Panama Papers”.
“It is true that the police are currently examining various locations of our bank in Germany. The case is related to Panama Papers”, Deutsche Bank said today in a statement released, adding that it update the public when more details were available.