Frankfurt's prosecutor indicted five men for laundering 150 million euros ($195.5 million) that they claim was proceeds from crime in Russia that allegedly involves Russia's former Telecommunications Minister Leonid Reiman.
Among the indicted are current and former employees of Commerzbank and a Danish attorney. The suspects, who weren't identified, are accused of diverting money from Russian companies between 1995 and 2008, the Frankfurt prosecutor's office said in an e-mailed statement Tuesday. The men colluded with a former minister, who is also being investigated, according to the statement.
The probe has been pending for years and resulted in Commerzbank offices being raided in 2005. Commerzbank in 2008 paid a 7.3 million euro sanction on claims that it violated compliance rules. German financial regulator Bafin also found "flaws" in Commerzbank's procedures for uncovering questionable transactions. Prosecutors previously identified the former Russian telecommunications minister as being Leonid Reiman.
Commerzbank spokesman Nils Hendrik Happich declined to comment. Efforts to reach Reiman through calls to an aide were unsuccessful.
