Millionaire oil tycoon John Deuss was last night in custody after Police on the Island executed a warrant for his arrest.

Detectives had been hunting for the 64-year-old ? wanted for questioning in Europe on suspicion of money laundering, handling stolen property and being in charge of a criminal organisation ? since the warrant was granted by a Bermudian magistrate on October 2.

Bermuda Police Service asked for the public?s help in tracking down the former chairman of Bermuda Commercial Bank (BCB), who has an office in Flatts, a week ago.

And in statement issued at 8.30 p.m. last night confirming the arrest, the force thanked Islanders for their assistance. ?Early this evening Police executed an arrest warrant and took into custody 64-year-old John Deuss,? said the statement.

?He will remain in Police custody and we expect John Deuss to appear before the courts in due course. We would like to thank the public for their assistance in this matter.?

Police spokesman Dwayne Caines said he could not comment on where or at what time Mr. Deuss was arrested.understands that he is likely to spend the weekend in custody at Hamilton Police Station. A court hearing is expected to be held next week ? possibly as early as Monday ? to determine whether he should be bailed or released.

Prosecutors in the Netherlands originally issued the warrant in order to have Mr. Deuss ? who denies any wrongdoing ? extradited there for questioning.

The Dutch businessman, a long-term resident of Bermuda, resigned from the board of BCB last week, along with his sister Tineke, a director, and president Timothy Ulrich, after another of his businesses, Caribbean-based First Cura?ao International Bank (FCIB), was shut down by authorities in Europe.

Hundreds of millions of dollars are suspected to have been stashed by traders in accounts at the bank, which is the largest shareholder of BCB, as part of a tax swindle known as carousel fraud. The elaborate scam robs governments of billions of dollars each year as goods are repeatedly imported and exported across national borders and tax payments are skimmed off into bank accounts.

A separate hearing is likely to be held in Magistrates? Court to determine whether Mr. Deuss should be extradited to Holland once the Dutch authorities have provided the relevant legal paperwork.

It would be up to the magistrate to decide if there was sufficient evidence against him for extradition. Mr. Deuss could also agree to be extradited without a hearing. Mr. Deuss? lawyers did not respond to requests for comment last night. They argued in court this week that the warrant for his arrest was unlawful because no extradition treaty exists between Bermuda and the Netherlands.

Acting Chief Justice Norma Wade-Miller has yet to deliver her judgement on whether Mr. Deuss should be allowed to seek a judicial review of the magistrate?s decision to grant the warrant.