Men held in Crown Currency Exchange inquiry on bail

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

Two former directors of the collapsed foreign exchange company Crown Currency Exchange who were arrested have been released on bail, police say.

The men, aged 68 and 70, were released on police bail until July 2011.

They are understood to be Peter Benstead and Edward James, who is a Conservative councillor and former mayor of Glastonbury.

The exchange firm, based in Hayle in Cornwall, collapsed in October owing customers more than £16m.

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, sometimes for people to buy property.

The police inquiry centres on the actions of the directors of Crown Currency Exchange and Crown Holdings (CCE).

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