The Frankfurt prosecutor's office said the raids stemmed from an investigation into suspected money laundering at the German bank.
Federal police on Thursday raided the Frankfurt offices of Deutsche Bank.
The prosecutors said they are looking at whether Deutsche Bank may have assisted clients to set up "Offshore-Companies" in tax havens so that funds transferred to accounts at Deutsche Bank could skirt anti-money laundering safeguards.
In a separate statement, the bank said: "Of course, we will cooperate closely with the public prosecutor's office in Frankfurt, as it is in our interest as well to clarify the facts".
In 2017, Deutsche Bank was fined $630m (£504m) by USA and United Kingdom regulators in connection with a Russian money laundering plan.
The Panama Papers are a set of millions of documents leaked in 2015 by Panamanian law firm Mossack Fonseca and Co linking offshore accounts to alleged fraud and tax evasion.
"The investigation has to do with the Panama Papers case", the bank said.
Markus Meinzer, director of the Financial Secrecy Tax Justice Network, said the "raid is long overdue because the Panama Papers have amply illustrated how offshore law firms cooperated with banks in setting up structures with one single aim: to help clients hide their true identities".
The Panama Papers revelations in 2016 spotlighted the flow of illicit money across the globe hidden in offshore holding companies.
The bank tweeted: "It is true that the police is now conducting an investigation at a number of our offices in Germany".
Deutsche Bank shares fell as much as 4.7 per cent on Xetra.
Deutsche Bank was among hundreds of financial institutions whose names cropped up in the media reports about the Panama Papers. At least 28 German entities were identified in the leak, according to reports at the time, including Deutsche Bank.
What do you think about Deutsche Bank's new scandal?
The Frankfurt prosecutors said their probe was focusing on two Deutsche Bank employees aged 50 and 46, as well as several unnamed senior staff members. Regulators fined it $630 million in 2017 over an illegal scheme with Russian Federation.
"Just when you thought Deutsche Bank had left its legal troubles behind it, there's more", said Markus Riesselmann, an analyst at Independent Research who recommends investors sell Deutsche Bank shares.
Weaknesses in Deutsche Bank's controls that aim to prevent money laundering have caught the attention of regulators on both sides of the Atlantic. This year, the bank saw its credit rating downgraded, its CEO ousted and its stock price hit a record low.
Deutsche Bank is in the throes of a major restructuring plan, with 7,000 jobs to go by the end of 2019.
