£500K cash seized in police searches

Almost half a million pounds in cash has been seized as police on the Island have carried out searches in connection with a suspected VAT and money laundering fraud.

Business records, computers and phones have also been taken by officers who executed six search warrants at properties in Hill Street and in Onchan on Wednesday.

The operation was part of a co-ordinated effort between officers from HM Revenue and Customs, Cheshire Constabulary, the National Crime Agency, Guernsey's Border Agency and members of the Island's Financial Crime Unit.

Two men - both Island residents - have been bailed pending further investigations and police are still looking for a third person in connection with the case.