UBS raided in Russian oligarch money probe

STORY: German officials searched offices of Swiss bank UBS on Tuesday (November 8).

It was part of a probe into suspected money-laundering by Russian oligarch Alisher Usmanov.

The lender confirmed that its offices were raided, and said it was cooperating with authorities.

Prosecutors said no individuals at the bank were under investigation.

A spokesperson for the tycoon denied all allegations, calling them unfounded, false and defamatory.

German authorities investigating Usmanov have already searched a luxury yacht.

Officials have also raided properties in the southern state of Bavaria.

Usmanov, who is active in a number of business sectors, was added to Western sanctions following Russia’s invasion of Ukraine in February.

Forbes estimates his net worth at around $14.6 billion.