By Cecilia Butini 
 

Morgan Stanley offices in Frankfurt were raided on Tuesday, the U.S. bank confirmed in a statement, adding that the investigation is related to past activity and it is fully cooperating with German authorities.

Prosecutors in Cologne said that search warrants were issued Tuesday morning against a banking institute in Frankfurt, and that private residences of two individuals were also searched in relation to the investigation. Prosecutors also went through written correspondence such as emails.

The searches are connected to transactions associated with tax evasion, which are the subject of continuing proceedings, the prosecutors said.

 

Write to Cecilia Butini at cecilia.butini@wsj.com

 

(END) Dow Jones Newswires

May 03, 2022 06:38 ET (10:38 GMT)

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