Officials have conducted raids at Deutsche Bank’s offices located in Frankfurt and Berlin. These actions are part of an ongoing inquiry into suspected money laundering activities. The Office of the Federal Prosecutor confirmed the investigation, which involves the Federal Criminal Police Office and targets “unknown individuals and employees” within Germany’s largest financial institution.
The prosecutor’s statement indicated that Deutsche Bank had previously established business relationships with foreign companies. These entities are currently under scrutiny and are suspected of being utilized for money laundering purposes as part of broader investigations.
A spokesperson for Deutsche Bank acknowledged that searches had taken place at their premises. However, officials have declined to provide specific details regarding the individuals at the bank or the foreign companies under investigation. The prosecutor’s office stated that “no further information can be provided regarding the background of the business relationships, the transactions processed through Deutsche Bank AG, their scope, or the companies themselves.”
Reports from German media suggest potential connections between this case and Russian billionaire Roman Abramovich. A legal representative for Abramovich issued a statement to the BBC, asserting that their client is unaware of any German investigations related to this matter. The statement further conveyed that “Mr Abramovich has always acted in accordance with applicable domestic and international laws and regulations. Any suggestion to the contrary is false and defamatory, and our client reserves all rights in this matter.”
Roman Abramovich faced sanctions from the UK government and the European Union in March 2022, following Russia’s full-scale invasion of Ukraine. The oligarch, who amassed his wealth in the oil and gas sectors, has been alleged to maintain close ties with Russian President Vladimir Putin, a claim he has consistently denied.
The timing of these raids is significant as Deutsche Bank is scheduled to release its full-year financial results on Thursday. The announcement of these results is now likely to be significantly impacted by the news of the searches. Shares of the bank experienced a decrease, closing nearly 2% lower on Wednesday.
This is not the first instance of Deutsche Bank’s offices being subjected to searches. In 2018, a similar money laundering operation led to raids at its Frankfurt headquarters and five other offices in the city, involving approximately 170 police officers and officials. That earlier investigation focused on allegations that Deutsche Bank staff had assisted clients in establishing offshore accounts to facilitate the transfer of funds derived from criminal activities, with activities under examination dating between 2013 and early 2018.