BaFin raids the bank of the “King of Germany”.

As of: November 29, 2023 1:19 p.m

BaFin, together with other authorities, is taking action against the Reich Citizens’ Association “Kingdom of Germany” because of suspected illegal financial transactions. Several properties are being searched today.

BaFin is searching ten properties belonging to the “Kingdom of Germany” association in several federal states, the financial regulator announced today. “With the searches, the financial supervisory authority is pursuing the suspected unauthorized financial transactions of the ‘Kingdom of Germany’ in order to clarify the extent of these transactions as well as the connections and networks of this association, according to the statement. There is a suspicion that without the necessary permission, the bank – and insurance business would be carried out.

BaFin is supported in this by forces from other authorities, from the Deutsche Bundesbank, the Saxony State Criminal Police Office as well as the riot police of the state of Saxony and the federal government as well as the local police.

Business continued again and again

BaFin has been taking action against the main suspect behind the “Kingdom of Germany” for many years. 58-year-old Peter Fitzek is behind the fantasy state founded in Lutherstadt Wittenberg in 2012. The so-called Reich citizens do not recognize the Federal Republic and its democratic structures. The illegally operated businesses were banned several times and their liquidation was ordered.

Regardless of this, the self-proclaimed “King of Germany” would continue his unauthorized business in repeated attempts, according to BaFin – and this despite administrative coercive measures, a conviction for unauthorized insurance transactions and despite the forced closure of “representative offices” of his “common welfare fund” by the BaFin in February 2023.

Raids back in February

Fitzek operates the bank called “Gemeinwohlkasse” without having the necessary banking license. He also runs a health insurance company called “Deutsche Heilsorge” without having the permits required for deposits or insurance business, as BaFin announced in February of this year.

In February there was also a raid on the “representative offices” of the “Gemeinwohlkasse” in Wittenberg, Dresden and Menden in North Rhine-Westphalia. Fitzek had already been convicted of illegal insurance transactions. “The illegal banking and insurance transactions of the “Kingdom of Germany” are criminal offenses that can be punished with fines or imprisonment of up to five years,” the authority explained in its current announcement.

source site