The SFO announced it will launch a series of new raids to find more evidence behind the failure of the bank in 2008.

Britain’s Serious Fraud Office said Sunday it is going beyond the arrest of Robert and Vincent Tchenguiz in investigating the collapse of the Icelandic bank Kaupthing. The SFO announced it will launch a series of new raids to find more evidence behind the failure of the bank in 2008.

Reports said that aside from zeroing in on the roles of the Tchenguiz brothers and nine other associates in the collapse of the bank, the investigation will also look into the activities of the other friends of Kaupthing.
Other prominent businessmen may be included in the arrests, highlighted by the raids on the offices and detention of the Tchenguiz brothers on Wednesday. Among the items seized from the brothers were digital materials from computers and servers, paper files and other documents such as banking paperwork.
SFO investigators are also probing whether assets of Robert Tchenguiz totaling $2.55 billion (GBP 1.7 billion) that were pledged as collateral were manipulated.
Vincent Tchenguiz was held in custody for about 14 hours, but was questioned for only 45 minutes and released Wednesday at about 8 p.m.
The SFO also arrested nine other people on Wednesday, but later released them without charge. Those arrested include two top assistants of the Tchenguiz siblings and former Kaupthing executives.