crime
Investigation of the “shadow banking” network.
A network is said to have laundered money and paid illegal wages. Investigators searched homes and businesses in several states.
Investigators from Frankfurt took action against a so-called shadow banking network with raids in four states. Since morning, apartments and business premises in Hesse, North Rhine-Westphalia, Lower Saxony and Berlin have been searched. A total of 29 locations will be inspected, as jointly announced by Frankfurt police and the Frankfurt public prosecutor’s office.
Investigators are focusing on 19 suspects who are suspected of being members of criminal organizations. The group is said to have operated a kind of shadow bank. These funds are said to have been used to pay illegal workers and launder money. “In this way, the defendants are said to have succeeded in smuggling funds through the tax authorities and enriching themselves unlawfully,” explained the investigator.
One man was arrested, a spokesman for the district attorney’s office said. There is an arrest warrant against him. The focus of the operation involving more than 350 civil servants was in Hesse.
What exactly is the group accused of?
“The defendant is said to have created invoices through a network of fake companies and issued them to customers to legitimize cash,” he said. According to information, at least 24 million euros are said to have been distributed in this way. The majority of the money was used to pay undisclosed salaries. According to officials, the network receives a commission of 10 to 15 percent on the money moved.
dpa
