Man arrested in Crown Currency Exchange case

Image caption Crown Currency Exchange allowed people to pre-order foreign currency

Police investigating the collapse of Cornwall-based foreign currency exchange business have arrested a 66-year-old man in the Penzance area.

Crown Currency, based in Hayle, collapsed in October owing customers more than £16m.

The arrested man was held at Camborne station before being released on bail.

Officers from the Devon and Cornwall force, assisted by French authorities, have also searched a property in Bergerac, France, police said.

No arrests were made in France.

Six people in Cornwall and Hertfordshire - three men and three women - were arrested in February in connection with the company's collapse.

They were released on bail until July. The arrested Penzance man has also bailed until July.

Crown Currency Exchange, which was established six years ago, allowed individuals and business customers to pre-order foreign exchange at a set price up to a year in advance.

It provided money in 80 different currencies, as well as travellers cheques and money transfers.

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