The authorities charge that the five, including a Danish lawyer, helped former Russian Telecommunications Minister Leonid Reiman to funnel at least $150 million (€113 million) in dirty money through Bermuda and Europe to Russia.
According to the Wall Street Journal, prosecutors believe Reiman held communications assets in offshore accounts and then sold them while trying to obscure their real owner.
The Journal reported that Reiman may have converted Russian state assets to foreign companies that he controlled. The prosecutors said the accused, aged between 48 and 61-years-old committed their crimes between 1995 and 2008, the Frankfurter Rundschau newspaper reported.
Reiman is said to be a personal friend of Russian Prime Minister Vladimir Putin. But he has been accused of wrongdoing before, including an accusation that he accepted a $1 million bribe in 1992. Prosecutors said a criminal investigation in the money laundering case remains ongoing against him.
Commerzbank did not immediately respond to the allegations or say whether any of the employees being charged are still employed.