Police Fraud Squad Hunts Nordex Denmark Manager

Superintendent Bent Hansen, head of the Copenhagen police fraud squad, said the company - now closed down - was raided after European investors claimed they had been defrauded of millions'' of Danish kroner, invested in high-risk speculative currency deals.

The move is the latest in a series of crackdowns by national regulators across the European Union seeking to regulate rolling spot'' forex companies, specialising in high-risk forward trading. The sector has been dogged with allegations of malpractice, including high pressure sales techniques and churning'' --- excessively frequent dealing --- to generate big commissions.