Berlin — A German probe looking at Deutsche Bank, prompted by the Panama Papers, brought a wave of raids by Frankfurt prosecutors targeting eight wealthy individuals who may have hidden money in offshore companies. The suspects’ homes were raided on Wednesday, as were the offices of more than 20 banks, tax advisers and asset-management companies in an investigation into tax evasion. The prosecutors in Frankfurt didn’t identify the banks, people or companies concerned. Once the raids were completed, they said, more information would be disclosed. The case is related to searches of Deutsche Bank in November. That probe, looking into money-laundering allegations against bank employees, stems from the 2016 disclosures known as the Panama Papers and focuses on a former unit in the British Virgin Islands that processed €311m in 2016 alone. Wednesday’s raids are now targeting the clients who enlisted help from the BVI unit to set up offshore companies. Deutsche Bank was one of the 11 lende...

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