London multi-millionaires Robert and Vincent Tchenguiz were just arrested in a raid related to failed Icelandic bank Kaupthing, according to the Telegraph.
Robert, a flamboyant tycoon known for driving a bulletproof Rolls Royce, was on the board of Kaupthing and simultaneously its biggest client.
The Special Fraud Office arrested the brothers after an investigation into whether a “substantial amount” was withdrawn from the bank before it went bust. Authorities are also probing market abuse, excessive loans to related parties and fraud. The UK is still trying to recover money from a $4 billion bailout of Kaupthing.