Germany carries out raids on 11 banks in suspected tax evasion case probe

German authorities have carried out raids on eight individuals and 11 banks in an investigation of suspected tax evasion stemming from the leaked Panama Papers. News agency DPA reported that Frankfurt prosecutors said Wednesday's raids in various parts of Germany also targeted the offices of four tax advisers. The wealthy individuals are suspected of setting up letter-box companies via a former subsidiary of Deutsche Bank and evading taxes.

Prosecutors did not specify which banks were searched in the operation, which followed searches at Deutsche Bank in November. Deutsche Bank said the investigation was directed against private individuals, not against the company, that it is cooperating with prosecutors and wasn't a target of the current raids.

(With inputs from agencies.)