Fund Manager Arrested in ?40m Fraud Case

City of London foreign exchange trader with GFX Capital Markets is suspected of money laundering and other offences

London police investigating a ?40m investment fraud have arrested a 60-year-old fund manager.

The Essex man was detained on Monday by detectives from the City of London police economic crime unit on suspicion of money laundering and offences under the 2000 financial services and markets act.

He was released on bail after questioning. Police said the arrest took place in the course of a continuing investigation of GFX Capital Markets, which recently stopped trading, and any investor with concerns should contact the economic crime unit.

Investors have reportedly complained of losing six-figure sums. The fund manager, who specialised in foreign exchange dealing, is understood to have received death threats.

Investors with GFX Capital Markets should contact City of London police if they had concerns.

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