Further arrests have been made as part of an ongoing investigation into alleged fraud and money laundering.

Last month, authorities raided two business premises, located on Victoria Road and Bucks Road in Douglas, linked to e-gaming firm King Gaming Ltd.

Seven individuals were arrested during the raids before being released on bail pending further enquiries.

The Isle of Man Constabulary confirmed on Thursday that another three people have been arrested as part of the same probe and were later released on bail.

A spokesperson for the force said: ‘This activity forms part of a wider fraud and money laundering investigation being led by the Isle of Man Constabulary’s Proactive International Money Laundering Investigation Team who continue to conduct enquiries in close liaison with partners within the island’s AML/CFT regulatory and intelligence network to fully investigate these matters.

Last month’s raids and arrests came just a day after the island’s gambling regulator revealed it had suspended the licences of King Gaming Ltd as well as Dalmine Ltd.

King Gaming’s registered office is currently based on Bucks Road and the company also operates from premises in the The Summerhill Business Park.

Dalmine is based at the same address on Bucks Road.

In the same week, the Isle of Man Financial Services Authority wrote to Soteria Solutions Limited, a virtual asset business related to cryptocurrency registered on the Isle of Man, telling the firm to stop all business.

According to the authority, Soteria shares directors and officers with the King Gaming group of companies.

A spokesperson for the authority it had ‘issued a written direction to Soteria Solutions Limited (“Soteria”) directing that it is to take the action of suspending all designated business undertaken by the firm.’

In July last year, King Gaming received planning consent for a major ‘parkland campus’ to house the company’s headquarters on the island.

It was described as the ‘largest single private investment in the Isle of Man’ and would create around 300 jobs.

Building work is believed to have now stopped on the development which is on the site of the former Cunningham’s holiday camp.