German prosecutors raided Deutsche Bank AG ’s Frankfurt headquarters Tuesday morning in connection with a criminal tax-fraud probe, according to officials and other people familiar with the matter.

The raid came two days after the bank said its co-chief executives would resign but the timing appeared to be unrelated to the management change, people familiar with the situation said.

A Deutsche Bank spokesman said prosecutors hadn’t brought forward any allegations against the bank’s current staff in relation to Tuesday’s events and declined to comment further. Another person familiar with the investigation said some current or former Deutsche Bank staff were drawing prosecutors’ interest.

According to people familiar with the matter, government officials remained throughout the morning at Deutsche Bank’s Frankfurt offices collecting documents and other information in connection with a broad probe into what was described as serious tax fraud involving a number of firms and individuals.

People close to the investigation said prosecutors were examining what role Deutsche Bank and its clients played in controversial “dividend arbitrage” trades that have been used by a wide range of financial firms and investors to reduce taxes on stock dividends by taking advantage of loopholes in European tax law.