Two arrested in Crown Currency investigation
Wednesday 08 December 2010
Two people have been arrested by police investigating the collapse of Crown Currency, the foreign exchange firm that went into administration in October.
Members of Devon and Cornwall Police's economic crime department arrested the two men, who are aged 68 and 70. They also executed a number of search warrants in connection with the investigation in Cornwall and Glastonbury.
"It is expected that this will be a protracted inquiry that may take many months," Detective Inspector Paul Bean of Devon and Cornwall Police said yesterday.
Crown Currency's collapse left about 13,000 people without their travel cash. Det Insp Bean said the police were liaising both with the administrators, MCR, and Crown Currency Action Group, which was set up to try to recover funds on behalf of customers who were left out of pocket when the company went under.
Before it collapsed, the Cornwall-based firm, which was set up by Peter and Susan Benstead in 2004, provided three main services: foreign currency notes, travellers cheques and money transfers. MCR said it operated using a number of names, including Crown Currency Exchange, Travel Money Services and Crown Holdings (London) Limited.
The value of customer transactions ranged from £100 to around £20,000, according to the administrators, who added that there were also several transactions worth between £100,000 and £400,000.
MCR also said that Crown Currency had offered "extremely competitive" rates, and had been recommended by a number of consumer websites.
- 1 Tamir Rice: 12-year-old boy playing with fake gun dies after being shot by Ohio police
- 2 To help fuel their propaganda machine against the poor, our government has now decided to redefine the word 'welfare'
- 3 Bill Cosby: Isn’t it obvious why his accusers have stayed silent up until now?
- 4 Halle Berry takes ex-boyfriend Gabriel Aubry to court for allegedly trying to make daughter look less African-American
- 5 Isis propaganda image showing 'abuse of Muslim woman by soldiers' is actually taken from Hungarian porn film
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Beast of Bolsover' Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
Rochester by-election: Labour MP Emily Thornberry resigns after posting white van and England flags tweet
The young are the new poor: Sharp increase in number of under-25s living in poverty, while over-65s are better off than ever
Revealed: How the world gets rich – from privatising British public services
Exclusive: UK approved £7m Israeli arms sales in six months before Gaza conflict
iJobs Money & Business
£Attractive: Citifocus Ltd: High calibre individual with significant product d...
£Negotiable: Citifocus Ltd: Leading global bank seeks experienced credit analy...
£Attractive Package: Citifocus Ltd: High calibre individual with a high degree...
£Attractive: Citifocus Ltd: High calibre individual with superior academics an...