Police have searched two branches of Swiss bank UBS in Germany in connection with alleged money laundering by a Russian businessman, Reuters reports.

Frankfurt prosecutor did not name the suspect, but said the raids were linked to an investigation in which officials searched a yacht and two dozen properties in Germany in September.

German media named Russian businessman Alisher Usmanov, who is subject to U.S. and European Union sanctions, as the target of the operation.

The prosecutor noted that the bank was not under investigation. He said the raids were conducted to find possible evidence of money laundering by the suspect.

Officials had previously said that the target of their investigation was suspected of carrying out several transactions between 2017 and 2022, which included the use of a complex network of offshore companies to conceal the origin of funds worth millions of euros.