The Cologne public prosecutor's office suspects lawyer Kai-Uwe Steck of money laundering linked to cum-ex deals. Investigators have searched the premises of a co-accused business partner since morning.
The Cologne public prosecutor's office is leading the probe together with the North Rhine-Westphalia state criminal police office. The aim is to secure emails and written correspondence pointing to asset transfers between capital companies. Steck helped develop and carry out the cum-ex share trades that caused billions in losses to the state. Prosecutors accuse him and the partner of concealing proceeds from those trades. Steck's lawyer declined to comment. Steck and the co-accused business partner also did not respond.
