Police have arrested three men on suspicion of fraud and money laundering after The Pensions Regulator (TPR) received complaints about pension transfers last year.
The arrests in Suffolk and Essex on 8 February were the result of a joint investigation by TPR, Suffolk Police, HM Revenue & Customs and the Financial Services Authority.
Police said the detainees were a 54-year-old man from Ipswich, a 52-year-old man from Ipswich and a 52-year-old man from the Halstead area.
The trio have been released on bail pending further enquiries and will return to Martlesham Police Investigation Centre in July.
A spokeswoman for the regulator confirmed its involvement in the investigation but could comment while police enquiry was ongoing.
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