Police have raided more than 30 offices of the German electronics giant Siemens as well as the homes belonging to some of its top managers in a massive embezzlement investigation.

 

Two hundred tax inspectors, police officers and investigating magistrates searched sites in the company’s headquarters in the southern city of Munich and in other cities, Munich’s chief prosecutor Anton Winkler said.

"There is a suspicion that individual employees have embezzled money from the company," he said.

Andreas Schwab, a spokesman for the Munich-based company, said Siemens was helping authorities in their probe and six current and former employees in its fixed-line division were under investigation for violating the company’s business conduct guidelines.

Siemens said the investigation targeted six current and former employees in its fixed-line division and "At this point in the investigation, we are talking about a figure in the low tens of millions," it said in a statement.

Neither Schwab nor the police have given any details as to which guidelines have been violated while rumors circulate that the investigation centers on alleged payments made to secure contracts.

It’s not immediately known if employees being investigated included any executives and neither Schwab nor Siemens elaborated. But state prosecutor Anton Winkler said a total of some 30 offices and private homes had been searched in Munich, and other cities. Some 200 police officers, tax inspectors and prosecutors were involved in the raids. "No arrests have been made as of yet," said Winkler.