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Deutsche Bank home searched in 'greenwashing' investigation |  News

Deutsche Bank home searched in ‘greenwashing’ investigation | News

Dozens of investigators from the German financial watchdog Baffin and the BKA raided the headquarters of Deutsche Bank and the DWS money management branch in Frankfurt on Tuesday. The German court suspects the bank of investment fraud, calling the investment funds “more sustainable” than they actually are.

Deutsche Bank confirmed that “the searches relate to allegations against DWS regarding money laundering.” DWS is the second largest fund manager in Europe by volume. Deutsche Bank says it will fully cooperate with the authorities.

According to the Prosecutor’s Office, indications were already found during the investigation that not all sustainable funds met the criteria of the ESG – that is, standards related to the environment or social aspects. The investigation followed information from a whistleblower. An investigation is also underway in the United States.

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