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Deutsche Bank premises raided in Germany amid money laundering probe (Lead)
Berlin, Nov 29 (IANS) Deutsche Bank premises in and around Frankfurt were raided by the police and tax investigators on Thursday in relation to suspicions that the bank helped clients set up offshore entities in tax havens and failed to alert authorities to possible money laundering.
Prosecutors said the raids targeted two Deutsche Bank employees as well as other unidentified company officials. Over 170 police officers and tax investigators participated in the operation, CNN reported.
Both the lender and prosecutors said the probe was related to the Panama Papers, a 2016 investigation into money laundering networks and shell companies set up by Panama-based law firm Mossack Fonseca.
The bank said it was fully cooperating with authorities and would release more details in due course.
The prosecutors’ office said that after the police analyzed the so-called “Offshore Leaks” and “Panama Papers” reports of the International Consortium of Investigative Journalists, “the suspicion arose that Deutsche Bank helped clients with the establishment of so-called offshore entities in tax havens”.
Deutsche Bank was also suspected of helping clients transfer funds from illegal activities to German accounts and failed to notify authorities of the suspected money laundering.
According to the Guardian, several banks including the Swedish lenders Nordea and Handelsbanken had already been fined for violating money laundering rules as a result of the Panama Papers.
Prosecutors said that a subsidiary of Deutsche Bank in the British Virgin Islands had served over 900 customers, generating 311 million euros ($353 million) worth of business in 2016 alone.
Deutsche Bank shares fell 3 per cent following the news of the raid. Paperwork and electronic documents were seized by officials during the raids on the bank’s properties.
The bank has been connected with another huge money laundering scandal surrounding Denmark’s Danske Bank.
Earlier this month, Deutsche said that it was involved in processing payments for the Danish bank in Estonia. An internal investigation by Danske found that about 200 billion euros in payments were funnelled through its Estonian branch.
After that Deutsche said it had terminated its relationship with Danske in 2015 after “identifying suspicious activity”.
Deutsche Bank has been sanctioned earlier also for failing to tackle money laundering.
In September, Germany’s financial regulator ordered the bank to take action to prevent money laundering and terrorism financing. It also appointed an independent auditor to monitor Deutsche Bank’s efforts over three years.
In 2017, Deutsche Bank was fined $630 million by US and UK regulators in connection with a Russian money laundering plan.
–IANS
soni/mr
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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