Probe: Creditors attend the Crown Holdings meeting following the collapse of the firm. Devon and Cornwall Police today arrested three men and three women and searched five properties in relation to the ongoing investigation into the collapse of the Crown Currency Exchange and Crown Holdings Ltd.
The arrests were for money laundering and fraud offences at addresses in Cornwall and Hertfordshire.
It follows the arrests of two men in December, Crown Currency directors Peter Benstead and Edward James.
Police have now also linked the collapse of a ‘cash for gold’ company called Mayfair and Grant to the Crown Currency criminal investigation. Benstead was also a director of Mayfair and Grant, which has now been liquidated.
Detective Inspector Paul Bean, head of the Economic Crime Unit at Devon and Cornwall Police said: ‘This is a lengthy and complicated investigation in which there are many lines of enquiry to pursue. It is anticipated that there are over 8000 victims of crime in relation to the collapse of these companies.
‘Police are liaising with the Administrators for Crown Currency and Liquidators for Mayfair and Grant.’
More than 13,000 people were left without their travel cash when Crown Currency called in administrators in October.
Around £20m was due to customers but Crown, based in Hayle, Cornwall, had only £3m to £4m of assets. Administrators MCR said more than 8,000 victims of the company have so far lodged claims - including some who have lost between £100,000 and £400,000 each.
Crown Currency allowed customers to pre-order foreign currency at a fixed price up to a year in advance.
It was set up in 2004 by husband and wife team Peter and Susan Benstead of Rosehill, Penzance. Crown Currency was owned by Mr Benstead, 68, and Mr James, 70, a Tory councillor and former mayor in Glastonbury.
It emerged after the firm went bust that it was not regulated and therefore not covered by Financial Services Authority (FSA) compensation schemes - meaning customers cannot recover their cash through the FSA.
It is thought customers may only receive a fraction of cash lost as administrators have also not been able to raise cash by selling the firm as a going concern.
Anyone who believes they may be are a victim in the collapse of Crown Currency has been invited to register with the Administrators - MCR 43-45 Portman Square, London, W1H 6LY. Telephone 0207 4877240.
Re-posted from This is Money website
...UPDATE, Benstead Scam Clan Go Down...
The boss of collapsed Crown Currency Exchange has been re-arrested for fraud and money laundering offences.
Peter Benstead (above), 68, from Rosehill, Penzance, Cornwall, was arrested this morning after police linked ‘cash-for-gold’ company Mayfair and Grant to their investigation into the £20m collapse of Benstead’s currency exchange business.
Benstead’s daughters Victoria and Odile have also been arrested, along with Odile’s husband Roderick Schmidt (below). In all, three men and three women were arrested today and five properties searched in Cornwall and Hertfordshire.
Peter Benstead was previously arrested in December, along with fellow director Edward James, 70, from Glastonbury, Somerset.
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