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Police probe main sponsor of McGuigan's Cyclone Promotions

FRAUD and money laundering investigation has been launched by London police centring on a company which is the main sponsor of Barry McGuigan's Cyclone Promotions.

Mr McGuigan's promotions branded as CWM Cyclone.

The sponsorship is continuing and there is no suggestion of any wrongdoing connected with the deal or Cyclone.

Police said they are investigating suspected fraud by false representation, conspiracy to defraud and money laundering relating to an investment scheme, allegations the company denies.

Computers and other documentary evidence were seized during the raids earlier this month.

Those arrested were later released on bail until September.

Detective Superintendent Maria Woodall of City of London Police said: "The primary objective of the arrest phase of this investigation was to stop what we believe was ongoing criminality and prevent people putting their money into CWM's managed funds offering 5 per cent interest per month."

CWM said "there is no sustainable basis for these allegations".

"CWM believe that they have been the victim of an orchestrated campaign initiated by individuals motivated by personal animosity," a spokesman said.