Police say a man arrested last night in connection with their investigations into conspiracy offences and money laundering on the Island has now been released on Police Bail.
Officers say they're still looking for another person - believed to be in the UK - in respect of the same offences.
Police on the Island have been working with colleagues in HMRC and the National Crime Agency as they probe multi-million pound fraud and money laundering offences.
Inspector Derek Flint says it's hoped that the searches which have been taking place in Hill Street and areas of outer Douglas will be completed later today.
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