The man was arrested at Bradford Police Station on December 3, 2009 in relation to offences of fraud and money laundering. He was interviewed under police caution by SFO investigators and officers from the West Yorkshire Police Economic Crime Unit. He was released the same day on Police bail.
The probe surrounds Gilher Inc, a Panama and Seychelles registered company which targeted British Nationals and other expatriates in Mallorca. The fund was offering a guaranteed return of 20 per cent a year.
On December 1, the Serious Fraud Office obtained a world-wide restraint in the Central Criminal Court, Old Bailey, that prevents the disposal of assets held by named individuals.