A Police probe is underway amid claims that funds have been stolen from the Bank of Butterfield.can reveal that detectives are currently investigating a reported theft of cash from one of the Island?s biggest financial institutions.

News of the inquiry comes after unconfirmed reports that three bank employees were arrested when Police swooped on a company vehicle at Dockyard on Friday.

Police yesterday remained tight-lipped about the early stages of the inquiry. And the severity of the alleged theft was not clear last night as neither the Police or the bank would comment on the amount of money under investigation.

A Bermuda Police spokesman said: ?I can confirm that Police are investigating a reported theft of funds from the Bank of Butterfield. Inquiries are ongoing.?

A source told that three men in a ?cash truck? were arrested in Dockyard on Friday afternoon. ?The truck was stopped in the street,? the source added. ?Three guys were arrested and stayed in custody for questioning.?

He said he believed the three men, a driver and two others, were bank employees.

Police would not comment on the reports or confirm if anybody had been arrested in connection with the bank investigation.

A Bank of Butterfield spokeswoman said yesterday: ?We are aware of the police inquiry. We are unable to comment further as this relates to an ongoing investigation, except to say that this does not affect any customer accounts in any way.?