Deutsche Bank offices raided in connection with Panama Papers

Panama Papers Probe Deutsche Bank Headquarters raided

Two bank employees aged 50 and 46 were targeted as suspects in the case according to the statement

Writes the BBC, the authorities are "looking into whether Deutsche Bank staff helped clients set up off-shore accounts to 'transfer money from criminal activities'".

More than six police vehicles, their blue lights flashing, pulled up to Deutsche Bank's main offices shortly before 9 a.m., in an operation involving about 170 officers.

The Panama Papers are a trove of documents from a law firm that handled shell companies for thousands of the rich and powerful around the world.

The investigation is separate from another money laundering scandal surrounding Danish lender Danske Bank, where Deutsche Bank is involved.

"Money obtained illegally may have been transferred to accounts at Deutsche Bank, which failed to report the suspicions that the accounts may have been used to launder money", it reported.

The bank's offices were reportedly raided in connection with the Panama Papers money laundering investigation.

Deutsche Bank confirmed that authorities were "conducting an investigation at a number of our offices in Germany".

According to NPR, more than 900 Deutsche Bank clients were able to keep their money on the islands in 2016.

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The stock has lost nearly half its value this year, after sliding about 3 percent on Thursday.

Christian Sewing was appointed as chief executive in April to help the bank to rebuild.

Deutsche Bank has been sanctioned in the past for failing to tackle money laundering. "The case is related to the Panama Papers", a spokesperson said.

Several banks, including the Swedish lenders Nordea and Handelsbanken have already been fined by financial regulators for violating money laundering rules as a result of the Panama Papers. A Deutsche Bank executive director has said the lender played only a secondary role as a so-called correspondent bank to Danske Bank, limiting what it needed to know about the people behind the transactions.

It also appointed an independent auditor to monitor Deutsche Bank's efforts over three years.

The bank has publicly said that it agreed it needed to improve its processes to properly identify clients.

Last year, Deutsche Bank was fined almost US$700 million for allowing money laundering through artificial trades between Moscow, London and NY.

While Bloomberg notes that only the UK's Royal Bank of Scotland has paid out more in legal settlements than Deutsche Bank since 2008, various European institutions have sought to "bash" Bitcoin at the same time as being found guilty of financial crimes.

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