Bermuda.

British Police last week arrested nine people and charged one German in connection with a swindle thought to worth as much as $150 million.

It is believed conmen in Britain hived off cash and planted it in off-shore tax havens which could have included Bermuda, the Caymen Islands, the Bahamas, Netherlands Antilles, St. Martin and the Leeward Islands.

After the British arrests, Bermuda Police contacted their counterparts in the UK to see if any links could be established with the Island.

Sergeant Chris Wilcox, a spokesman for the Bermuda force, said this week: "It is a major, in-depth, investigation in Britain, but based on what they have gone through there is no suggestion of Bermuda being involved.

"We have confirmed that so far there is no link to suggest that Bermuda is connected.'' British Police fear the fraud which targeted wealthy investors across Europe could hit the banking system worldwide and as soon as news of the scam came to light Bermuda's banks started their own inquiries.

The Bank of Bermuda and the Bank of Butterfield could find no link however.

German national Gerhard Martens has appeared before Torquay magistrates charged with dishonestly obtaining $622,500 from an investor, and with various offences under the Companies Act.

He was accused of falsely representing that Allgemeine Handels und Effectenbank AG, of which he said he was a director, had agreed to credit $450 million to the account of the investor.

Martens, married with two children, was remanded in custody until September 14. The other nine arrested last Wednesday were released on police bail to appear in court on October 25.