The Bermuda Police Service can confirm it is conducting an active criminal investigation into an allegation of misappropriation of funds amounting to approximately $18 million, resulting from a loan made to Par La Ville Hotel & Residences Ltd. intended to pay costs associated with the building of a hotel and residences at the Par La Ville car park in the City of Hamilton.

A 41 year old male from Smith Parish is assisting the Police in the enquiry, and has been arrested on suspicion of theft.

The enquiry is being headed by Detective Chief Inspector Nicholas Pedro, Anyone with any information relating to this matter is asked to contact the above officer on 247-1340 or alternatively members of the public can contact Crime Stoppers on 800-8477.

Any and all information received will be treated in the strictest of confidence.