Police in Germany have raided Frankfurt offices of Deutsche Bank in connection with the Panama Papers revelations and as part of an investigation into alleged money laundering.

More than 160 police officers, prosecutors and tax inspectors searched six Deutsche Bank offices in and around Frankfurt, the public prosecutor’s office said. Investigators are scrutinising the activities of two Deutsche employees who allegedly helped clients to set up offshore companies to launder money, it added. 

In a statement, Deutsche Bank confirmed the raid had taken place, saying, "The investigation has to do with the Panama Papers...