The bank allegedly maintained a network of offshore firms with accounts in the Baltic region. Authorities gave no further information about the 57-year-old suspect.
Billions allegedly moved through fake companies
Authorities in Germany are targeting Russian money-laundering operations and last year seized assets worth some €40 million ($47 million). The properties were allegedly bought through another network, known as the Russian Laundromat.
A large amount of information on the laundromat operations has been garnered by the Organized Crime and Corruption Reporting Project (OCCRP). Journalists from the project, which was involved in the Panama Papers revelations, reported that the purpose of the Troika Laundromat was to allow Russian oligarchs and politicians to secretly acquire shares in state-owned companies and buy properties in Russia and abroad.
The Troika comprised some 75 companies in a complicated financial web, which functioned from 2006 to early 2013.
Kremlin: Reports 'false', not 'particularly novel'
The reports from the OCCRP have been dismissed by the Kremlin as false, distorted and "nothing particularly novel."
In a separate series of swoops, also announced by Frankfurt prosecutors, several properties were raided in an investigation into tax fraud.