Loot in German bank vault break-in could exceed US$117 million

The loot from the spectacular break-in at a German bank may have exceeded €100 million (US$117.24 million), security sources said on Sunday, as new questions were raised over the origin of some of the money stored inside.

The sources said that individual customers reported that they each had more than €500,000 in their safe deposit boxes at the Sparkasse branch in the western city of Gelsenkirchen, confirming earlier reports by the German mass-circulation daily Bild.

Bild reported that the origin of the money seems suspicious to the investigators, perhaps some of it illegally gained or funds from criminal gangs. Officially, those affected often referred to it as “wedding money”, dpa was told.

The cash, gold and jewellery was initially roughly estimated to be equal to the amount it was insured for, around €30 million. Later, a police spokesman said: “We are assuming a mid-double-digit million amount,” but added that the total damage could not yet be reliably quantified.

The bank will remain closed for several more days as repair work continues. It said additional time was needed to complete repairs after perpetrators drilled a large hole into the vault and looted safe deposit boxes a week ago. Customers will be informed once the branch reopens.

Specialists have since sealed the hole, it added.

Sparkasse staff are also still cataloguing valuables and documents left behind by the suspects, a process the bank said would take some time.