Russia searches Deutsche Bank office in fraud probe

2nd February 2011, Comments 0 comments

Russian investigators on Wednesday searched the main offices of Deutsche Bank in Moscow as part of a probe into alleged embezzlement linked to the construction of a hotel, a statement said.

The investigation concerns alleged embezzlement during the reconstruction of the Moscow Hotel, a vast Stalin-era building located opposite the Kremlin near Red Square, the Investigative Committee statement said.

Investigators said that an aide to a Russian lawmaker had embezzled $87.5 million (63 million euros) during the reconstruction of the hotel, which is owned by a company controlled by the Moscow city government.

It was not immediately clear from the investigators' statement what role Deutsche Bank played in the probe.

© 2011 AFP

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