The headquarters of Deutsche Bank and its fund subsidiary DWS are being searched in Frankfurt by the police and public prosecutors.
According to the Frankfurt public prosecutor, the background to this is the greenwashing allegations against DWS.
Law enforcement officials on Tuesday morning entered the twin towers at Frankfurt's Taunusanlage, home to Germany's largest bank, and the premises of DWS Group in close proximity.
A spokesman for Deutsche Bank declined to comment.
DWS did not immediately respond to a request.
A security guard from DWS confirmed that the company was visited by federal police.
The public prosecutor's office in Frankfurt confirmed the searches.
DWS fell by up to 4.6 percent after the report.
DWS has faced the allegations since its former sustainability officer, Desiree Fixler, went public with it in August.
Official investigations in the USA and Germany were the result.
DWS has always denied the allegations.
For Deutsche Bank boss Christian Sewing, however, the raid again raises a regulatory and legal issue that overshadows the bank's successful turnaround.