Police recover most of 160 million krónur taken from Arion Bank

Police have recovered most of the approximately 160 million Icelandic krónur taken from Arion Bank in a fraud at the end of April, but not the full amount, mbl.is reports. The investigation is nearing completion, police officer Agnes Ósk Marzellíusardóttir told the news site.

Marzellíusardóttir, who works in the central division of the police in the capital region, said the case had seen an unusually high level of activity in its early stages. Investigators then faced a time-consuming process to secure money and other assets linked to the case.

A vehicle was seized in Romania, and authorities are working to bring it to Iceland. Investigators have also ensured that recovered funds are held in secure bank accounts in Iceland.

Marzellíusardóttir said the amount recovered was likely more than 150 million krónur, but she could not confirm an exact figure, partly because of exchange-rate changes.

A Romanian man was arrested in connection with the case and later placed under a travel ban. Police expect to complete the investigation in the coming weeks and refer the case to the prosecution department, which will decide what happens next.