Seven people have been arrested in connection with a missing £10.25m loan to Northampton Town Football Club.
A statement from Northamptonshire Police said it was analysing “results of thousands of financial transactions” and following “700 lines of inquiry”.
An investigation into the Northampton Borough Council loan, made in 2013 to redevelop the Sixfields stadium, was launched in November 2015.
Nine other people have also been interviewed under caution, police said.
More to follow.