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The case is being updated.
The Attorney General in Frankfurt is conducting a search at Deutsche Bank headquarters in Frankfurt on Thursday morning, writes Bloomberg.
About 170 people from the police and the prosecutor's office participated in six addresses in total, according to German media.
The prosecutor confirms to the news agency that the raid takes place in the context of a money laundering case.
Two appointed employees of the bank should be wary of the case. Both are believed to help clients establish accounts abroad in order to launder money from crime. It is not known if other people are suspected of the issue.
The money laundering case must be affixed to Panama Papers. The International Consortium of Activist Journalists (ICIJ) Foundation, in collaboration with a number of media partners, revealed how a number of government leaders and politicians were hiding money in tax havens.
Deutsche Bank's share fell 4.7% immediately following the news announcement. The stock is down about 3 percent for the day.
Several witnesses posted on Twitter videos showing the huge police offer in front of the headquarters.
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