German prosecutors intensify Deutsche Bank client investigation – source

FRANKFURT (Reuters) – German prosecutors are escalating a money laundering inquiry involving Deutsche Bank (DBKGn.DE), including planned raids on wealthy former clients, a person with direct knowledge of the matter told Reuters.

Frankfurt’s state prosecutors will in the coming months search the homes of people who it suspects of using a company formerly owned by Germany’s biggest bank for tax evasion and money laundering, the person said.

The intensified scrutiny of Deutsche Bank, which has said it has no indication of any misconduct, comes at a delicate time as the Frankfurt-based bank seeks to revamp its struggling business and repair a reputation ravaged by a series of scandals.

Deutsche Bank declined to comment on the investigation but referred to earlier comments by a senior official in which he defended its record, saying that it has invested in fighting money laundering and that it is cooperating with investigators.

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