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German money-laundering probe looking at Deutsche Bank AG that was prompted by the Panama Papers, brought a wave of raids by Frankfurt prosecutors targeting eight “wealthy” individuals who may have hidden money in off-shore companies.

A German probe into Deutsche Bank AG  brought a wave of raids by Frankfurt prosecutors targeting eight wealthy individuals who may have hidden money in offshore companies.

The suspects’ homes were raided Wednesday as well as offices of 11 banks, four tax advisers and six asset-management companies in an investigation into tax evasion, Frankfurt prosecutors said in an emailed statement.

The release didn’t identify the banks, people or companies concerned. Once the raids are completed, prosecutors said, more information will be disclosed.

The case is related to searches of Deutsche Bank made in November. That money-laundering probe stems from the 2016 disclosures known as the Panama Papers and focuses on a former unit in the British Virgin Islands that processed 311 million euros in 2016 alone.

Via The Financial Times