Possible bribery scheme involving NYC contracts investigated, report says

NEW YORK — There's new information on one of the federal investigations into Mayor Eric Adams' administration .

According to the New York Times, the investigation into Philip Banks , the deputy mayor for public safety, involves a bribery scheme and his brother, Terence Banks, who runs a consulting business.

CBS News New York has learned that Terence Banks' firm, the Pearl Alliance, represents companies that have contracts worth hundreds of thousands of dollars with a number of city agencies.

Last week, federal agents raided the homes of Philip Banks and Schools Chancellor David Banks, who is also a brother of Philip and Terence.

The Banks brothers have said they are cooperating with the investigation.