Danes arrest 18 men in vast financial crimes probe

Danish police say 18 men, including five foreign nationals, have been arrested on suspicion of fraud and other financial crimes worth 440 million kroner ($70 million).

Police say 11 million kroner was seized from bank accounts, as well as 1.5 million kroner in cash, eight vehicles — described as "luxury cars" — and a large quantity of "valuable jewelry."

Police say nearly 40 raids took place across Denmark and Germany following a lengthy investigation into an organized criminal network chiefly of people with a Pakistani background who are suspected of tax fraud. All the arrests were in Denmark.

No other details were immediately available.

Police said Wednesday in a statement the investigation is continuing and those arrested would face a pre-trial detention hearing later Wednesday.