Cornwall

Two arrested in Crown Currency exchange case in Hayle

Crown Currency Exchange
Image caption Crown Currency Exchange in Hayle collapsed in 2010

Two people have been arrested by police investigating the collapse of a Cornwall currency exchange business.

Crown Currency, based in Hayle, collapsed in October 2010, with debts of more than £16m.

Officers from Devon and Cornwall Police's Economic Crime Unit arrested a 43-year-old man and a 39-year-old woman at a house in west Cornwall on suspicion of money laundering.

They were taken to Launceston police station for questioning.

The arrests are in connection with an on-going investigation into Crown Currency Exchange and Crown Holdings Ltd.

Crown Currency Exchange, which was established in 2004, 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 currencies, as well as travellers' cheques and money transfers, sometimes for people to buy property.

When it collapsed, customers were owed amounts ranging from £100 to £100,000.

Police added the man had been previously been arrested in connection with the inquiry.

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