Banks had been boasting about his influence within the Adams administration just prior to the federal raid, which suggested he was very confident in his political position.
The website for Banks' consulting firm vanished after the raid, replaced by a domain listing, indicating a quick change of strategy amid escalating scrutiny.
Law enforcement sources indicate that Terence Banks' residence was subject to a more extensive search than other targets, highlighting the seriousness of the probe.
Prosecutors from the Southern District of New York are leading an investigation that is separate from, but may overlap with, inquiries into Mayor Adams' 2021 campaign donations.
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