Deutsche Bank Panama Papers probe leads to German raids

A probe into Deutsche Bank AG prompted by the Panama Papers brought a wave of raids by Frankfurt prosecutors targeting eight wealthy individuals who may have hidden money in offshore companies.

The prosecutors didn’t identify the banks, people or companies concerned, but additional information may be disclosed after the raids are completed.

The case is related to searches of Deutsche Bank in November.

During last year’s raids, investigators obtained a list of more than 900 clients from Deutsche Bank in the Panama Papers case, people familiar with the probe said in January.

The Panama Papers showed that Deutsche Bank employees may have helped customers set up off-shore companies in tax havens, prosecutors said in November.

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