In a large-scale raid on Tuesday, investigators searched, among other things, the headquarters of Germany's largest housing group Vonovia. This is about the suspicion of "bribery and bribery in business transactions, embezzlement, fraud and other crimes," as the public prosecutor's office in Bochum announced. The investigations are directed against several employees of Vonovia, including former ones, as well as other companies that have carried out orders for the real estate group.

Jonas Jansen

Business correspondent in Düsseldorf.

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The employees are said to have preferred several companies working for Vonovia when awarding contracts and received money or benefits in kind in return. In addition, they are said to have manipulated bills of quantities in order to be able to make excessive invoices and, for example, to bill craftsman activities that did not take place at all. The money is said to have divided the accused among themselves, the prosecutor's office said.

In total, more than 40 private and business premises were searched in North Rhine-Westphalia, Baden-Württemberg, Hamburg and Saxony and four arrest warrants were executed. "Due to the ongoing investigation, no further details can be communicated at this time," the prosecutor's office said.

Vonovia confirmed the raid upon request. "Today, the investigating authorities have inspected documents from us, as Vonovia is apparently suspected of allegedly problematic processes in the awarding of contracts to subcontractors," the company announced. Individual employees in the technical area are being investigated. "As the injured party, Vonovia cooperates fully with the authorities and grants them access to the necessary documents." The company was very "interested in a quick and comprehensive clarification of the allegations," said the Dax group. After the raid became known, which was first reported by the Süddeutsche Zeitung and WDR, the company's share price initially fell by almost 3 percent.

In addition to the public prosecutor's office in Bochum, the State Office of Criminal Investigation of North Rhine-Westphalia and the tax offices for criminal tax matters and tax investigations in Düsseldorf, Bochum and Münster were also involved in the search. In addition to Vonovia, a housing company based in southern Germany is also affected by the fraud. After leaving Vonovia, one of the defendants is also said to have manipulated contract tenders at the competitor in southern Germany with increased bills.