German public broadcaster Hessischer Rundfunk reports that police and prosecutors are searching the headquarters of Deutsche Bank in Frankfurt in connection with money laundering allegations.
Hessischer Rundfunk reported that a large number of police officers were involved in the raid early Thursday.
It quoted Frankfurt prosecutors saying Deutsche Bank is suspected of helping customers set up offshore companies in tax havens.
Deutsche Bank didn't immediately respond to a request for comment.
Its shares dropped on the news and were down 3 percent in morning trading.
A total of 170 police officers, prosecutors and tax inspectors searched six of Deutsche Bank's offices on Thursday, Frankfurt's public prosecutor's office said in a statement.
Numerous written and electronic business documents were seized from the bank, while further investigations are ongoing, it added.
"It is true that the police are currently investigating different locations of our bank in Germany. It's about a case related to the Panama Papers," Deutsche Bank said in statement Thursday, according to a Google translation.
"We will communicate as soon as we have more details. We will cooperate fully with the authorities," the bank said.
The Panama Papers scandal refers to a leak of millions of documents to the media by Panama-based law firm Mossack Fonseca in April 2016. It triggered a global scandal after showing how the rich and powerful allegedly used offshore companies to evade taxes.
The Papers have resulted in several banks, including Swedish lenders Nordea and Handelsbanken, being found guilty of breaching money laundering laws.
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