Forex trading firm CWM FX had its London offices raided by the police’s fraud squad yesterday, resulting in 13 people being arrested.
City of London police confirmed that 13 workers – 10 men and three women – were arrested on suspicion of fraud by false representation, conspiracy to defraud, and money laundering. All have been released on bail.
The company used its Twitter account this morning to state: "CWM FX is operating as normal. Merely an AML enquiry & had no correspondence to us".
CWM FX has been on a marketing drive this year, and in January signed a deal with Chelsea FC to become an official online foreign exchange trading partner of the west London Premier League club.
The company has made other moves into the sports sponsorship market. It is also the title sponsors of the LCR Honda MotoGP team, and was the title sponsor of January's London boat show.
The raid began on Tuesday at the Heron Tower on Bishopsgate. It is a police-led operation, yet has been supported by the Financial Conduct Authority – the City watchdog.
A spokesperson for the Heron Tower said: "We do not comment on matters relating to our tenants".
A witness in the building said they had seen staff being escorted into the corridor by the police, and that sniffer dogs had been used on the premises. Another source said the police is expected to have a presence at the offices "for some time".