Six men have been arrested on suspicion of carrying out a “substantial” fraud on UK powerboat builder Princess International.

According to a story in today’s Telegraph, the six men are from Plymouth, Devon. They were arrested as part of an ongoing investigation into fraud committed on the UK builder, which is based in Plymouth.

An internal investigation was launched by Princess, says the paper, in July 2013 following fraud allegations. The matter was then handed over to Devon and Cornwall Police and specialist detectives from the Financial Investigations Unit.

Two of the six men arrested are former employees of the yard. All six have been bailed pending further enquiries.

Princess told IBI it was unable to comment given the ongoing police inquiry.