Police detain former Motoinvest bosses over billion crown fraud

The police anti-corruption unit has detained six suspects in a nine-year-old case of suspected fraud involving 1.2 billion crowns - around 55 million US dollars. The CTK news agency has reported it was told by an unnamed source that police have reason to believe the fraud - the illegal siphoning-off of assets from CS Fondy - was masterminded by Pavel Tykac and Jan Dienstl, the former heads of the now defunct Motoinvest financial company. Along with the two, four others have been detained for questioning. A spokeswoman for the state attorney's office has said that police may request some of the suspects be remanded in custody.

Author: Jan Velinger