Man arrested by UK police in tax investigation
A 60-year-old man has been arrested as part of an investigation into a company which has its head office in the Isle of Man, it has been confirmed.
HM Revenue & Customs officers searched the premises of The Montpelier Group on Palace Road in Douglas on 29 September.
A company office in the UK was also targeted in the investigation.
A spokesman from HMRC said: "The investigation centres around the suspicion that tax avoidance schemes have been implemented fraudulently".
Police suspect schemes could have been sold to more than 600 subscribers with an estimated tax loss in excess of £90m.
John Mitchell, from the Isle of Man Financial Crime Unit, said: "A quantity of material was seized on the island but there were no arrests made here."
The Montpelier Group is an international company with offices in the UK, Barbados and Hong Kong.
A spokesman from the group declined to comment.