BANKRUPT BANKER
The men, aged 68 and 70, are thought to be Peter Benstead and Edward James, the bosses of CCE, which went into administration in October owing more than £16.5 million to 13,000 customers.
Detectives from the economic crime department of Devon & Cornwall Police, who made the arrests, searched several addresses in Cornwall and Glastonbury today.
Detective Inspector Paul Bean, of the area police's serious and organised crime branch, said: “It is expected that this will be a protracted enquiry that may take many months. It is anticipated that there are approximately 13,000 victims.”
More than 8000 victims of Crown's collapse have so far lodged claims, with some losing up to £400,000.
Crown would pay new customers using funds taken from existing clients. The money was not held in segregated customer accounts or listed in the company's financial reports."
:Text may be subject to copyright.This blog does not claim copyright to any such text. Copyright remains with the original copyright holder.
