Man held over collapsed currency firm bailed
Two men arrested by detectives investigating the collapse of a failed currency company that went into administration owing around £20 million to customers have been released on bail, police said today.
The men, aged 68 and 70, were arrested yesterday by members of Devon and Cornwall Police's economic crime unit investigating the failure of Crown Currency Exchange and Crown Holdings (CCE).
More than 13,000 people were left without travel cash when the company called in administrators in October.
Administrators MCR said more than 8,000 victims of the company have so far lodged claims - including some who have lost between £100,000 and £400,000.
The claims relate to several customers who used CCE for large transactions such as property deals abroad.
Administrators said claims to date total nearly £16.5 million, with most transactions being between £100 and £20,000.
CCE, based in Hayle, Cornwall, allowed customers to pre-order foreign currency at today's prices up to a year in advance.
It was set up in 2004 by husband and wife team Peter and Susan Benstead.
It emerged after the firm went bust that it was not regulated and therefore not covered by Financial Services Authority (FSA) compensation schemes - meaning customers cannot recover their cash through the FSA.
It is thought customers may only receive a fraction of cash lost as administrators have not been able to raise cash by selling the firm as a going concern.
A Devon and Cornwall Police spokesman said: "Both men arrested have been released on police bail until July 12, 2011 pending further investigations."
London council removes 'unacceptable' Stamford Hill posters telling women which side of the road to walk down
Kim Kardashian 'nude pictures' leaked on 4chan in new celebrity hacking attack weeks after Jennifer Lawrence scandal
Isis in Syria: 60,000 Kurds flee terror in new exodus
Alan Henning kidnapping: Wife appeals for Isis to release 'peaceful and selfless' British aid worker
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Archbishop of Canterbury admits doubts about existence of God
Portuguese academic says British are 'filthy, violent and drunk'
- 1 Scottish referendum: So how about the English now being given a chance to split from England?
- 2 London council removes 'unacceptable' Stamford Hill posters telling women which side of the road to walk down
- 3 Kim Kardashian 'nude pictures' leaked on 4chan in new celebrity hacking attack weeks after Jennifer Lawrence scandal
- 4 Matthew Miller: American sentenced to hard labour in North Korea 'wanted to be Snowden II'
- 5 Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death