German law enforcement authorities conducted simultaneous raids on Deutsche Bank’s Frankfurt and Berlin offices Wednesday as part of an expanding money laundering investigation targeting Germany’s largest financial institution.
The Office of the Federal Prosecutor confirmed the operation, stating the investigation involves “unknown individuals and employees” at Deutsche Bank who allegedly maintained business relationships with foreign companies suspected of money laundering activities. The coordinated operation included personnel from the Federal Criminal Police Office (BKA).
While Deutsche Bank officials acknowledged the searches had occurred, both the bank and prosecutors remained tight-lipped about specific details regarding the individuals or foreign entities under scrutiny. The prosecutor’s office explicitly stated it could not disclose “background of the business relationships, the transactions processed through Deutsche Bank AG, their scope, or the companies themselves.”
German media outlets have reported potential connections to sanctioned Russian billionaire Roman Abramovich, whose legal representatives vehemently denied any awareness of German investigations. “Mr. Abramovich has always acted in accordance with applicable domestic and international laws and regulations,” stated his legal team, adding that “any suggestion to the contrary is false and defamatory.”
The timing proves particularly sensitive for Deutsche Bank, which is scheduled to release its full-year financial results Thursday. Market reaction was immediately negative, with shares closing nearly 2% lower following news of the investigations.
This represents not the first but the second major money laundering probe targeting Deutsche Bank in recent years. In 2018, approximately 170 police officers and officials raided the bank’s Frankfurt headquarters and five additional city locations investigating whether staff facilitated offshore accounts for transferring illicit funds between 2013-2018.
The current investigation emerges against the backdrop of increased Western scrutiny on Russian oligarchs following the 2022 invasion of Ukraine. Abramovich, who accumulated wealth through oil and gas ventures, faced sanctions from both the UK government and European Union in March 2022 over alleged ties to Russian President Vladimir Putin—connections he consistently denies.