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Deutsche Bank co-CEO Anshu Jain accused of misleading Bundesbank

German regulator is now investigating the role of Deutsche Bank and Anshu Jain in manipulating the interbank rates during the financial crisis.

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Deutsche Bank former co-chief executive Anshu Jain delivers his speech during the annual meeting of the German business newspaper Handelsblatt in Frankfurt in this September 4, 2013 file photo. Germany`s largest lender Deutsche Bank purged its leadership on June 7, 2015, appointing Briton John Cryan as chief executive to replace co-CEO Jain just two weeks after Jain was given more power to reorganize the bank.
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Deutsche Bank and its co-chief executive officer Anshu Jain have been accused of deliberately making inaccurate statements to the German central bank to manipulate inter-bank interest rates like Libor, a report from BaFin, a German finance regulator has said in a recent report. 

The financial watchdog BaFin has strongly criticized both Deutsche Bank and its senior management for having acted "negligently" and said that Jain "knowingly made inaccurate statements" to Bundesbank during a 2012 interview. German regulator is now investigating their role in manipulating the interbank rates during the financial crisis. 

Anshu Jain, who has resigned from his post at Deutsche Bank effective from June 30, allegedly told Bundesbank that he wasn't aware of any manipulation in inter-bank exchange rates during the crisis.

In at attempt to dismiss the allegations on its former CEO, Deutsche Bank said, "Mr Jain disputes as baseless the allegation that he misled the Bundesbank in his 2012 interview. He understood Bundesbank's question about when he first hlearned the rumours of possible IBOR rigging to mean rigging at Deutsche Bank itself which he learned of in 2011, not rigging in the marketplace which was publicly reported on in 2008."

(With agencies)

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