By Matthias Goldschmidt and Ed Frankl
The Frankfurt offices of Deutsche Bank AG and its asset-management subsidiary DWS Group were searched by authorities on Tuesday over allegations of greenwashing at DWS.
Around 50 agents of the city’s public prosecutor’s office, alongside German market regulator Bafin and the Federal Criminal Police Office had been deployed Tuesday morning, a spokeswoman for Frankfurt prosecutor’s office said.
The initial suspicion is of investment fraud, the spokeswoman said.
Deutsche Bank confirmed the searches.
“The measures of the public prosecutors are directed against unknown people in connection with greenwashing allegations against DWS,” a spokesman for the German lender said.
Shares at 1043 GMT were down 1.9% on the news.
A DWS spokesperson said: “We have continuously cooperated fully with all relevant regulators and authorities on this matter and will continue to do so.”
Deutsche Bank was last searched by German authorities in late April, which the lender said was related to activity reports it filed to an anti-money-laundering agency.
Write to Matthias Goldschmidt at email@example.com and Ed Frankl at firstname.lastname@example.org