Arrests made in serious fraud probe

An international investigation into corruption at a banknote printing firm has resulted in the arrest of two men in dawn raids.

They have been arrested as part of a probe into alleged bribes to officials by Securency International between the late 1990s and 2009, according to sources.

Two Britons have also been held in Spain, according to the Serious Fraud Office (SFO), working with police from Cumbria, Hampshire, Surrey, Thames Valley and Scotland Yard.

The raids were made in connection with dealings between banking officials and senior politicians and operations have also been carried out in Melbourne, Australia, according to the Sydney Morning Herald.

The activities of Securency agents and employees and their alleged corrupt role in securing contracts for banknote deals are the subject of the Australian Federal Police and SFO operation.

Richard Alderman, of the SFO, said: "This is an excellent example of how anti-fraud agencies around the world are working together to fight economic crime.

"It requires much painstaking preparation to co-ordinate action like this and I am delighted that our collective hard work has resulted in successful searches in a number of jurisdictions."

The police inquiry began in May last year amid allegations that millions of Australian dollars had been exchanged in commissions to offshore bank accounts.

Copyright © Press Association 2010