Ghanaian Man Arrested By UK Police Over Swiss Bank $2 Billion Fraud

[emezico]

Police in London have arrested a 31-year-old man in connection with allegations of unauthorised trading which has cost Swiss banking group UBS an estimated $2bn (£1.3bn).

Kweku Adoboli, believed to work in the European equities division, was detained in the early hours of Thursday and remains in custody.

UBS shares fell 8% after it announced it was investigating rogue trades.

The Swiss bank said no customer accounts were affected.

A spokesman for City of London Police, which is responsible for the city's financial district, said: "We can confirm we arrested a 31-year-old man at 3:30am on suspicion of fraud by abuse of position."

In a letter to its 65,000 staff, UBS warned that the rogue trades could hit profits.

"The matter is still being investigated, but UBS's current estimate of the loss on the trades is in the range of $2bn," the bank said.