BERLIN- In the early hours of Tuesday, May 31, German authorities raided the offices of Deutsche Bank and their subsidiary DWS, after allegations of ‘Greenwashing’ began to arise.
As reported by German media outlet DPA Frankfurt, prosecutors said that the raid was focused on arising allegations of investment fraud, although no one in specific has been called out just yet.
‘Greenwashing’ is the process of exaggerating information regarding the environmental behaviors of a company and their products.
The company faced raids at their corporate offices last month, when allegations of money laundering arose in relation to the bank’s transactions with the Al-Assad family.
DWS, a management-focused subsidiary of Deutsche Bank, was also affected by the raids. A former manager in charge of environmental sustainability at DWS claims that the firm was, in fact, committing greenwashing.
“The measures of the Public Prosecutors are directed against unknown people in connection with greenwashing allegations against DWS,” the bank stated in a report.
“DWS said that they have continuously cooperated fully with all relevant regulators and authorities on this matter and will continue to do so.”
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