THE chief executive and finance director of the Cotswold Water Park Society have been arrested on suspicion of theft, conspiracy to defraud, money laundering and false accounting.

Dennis Grant and Nick Hanson were arrested yesterday by police after concerned board members of the society contacted Gloucestershire Constabulary to report ‘financial irregularities’.

They have both been suspended from their roles on full pay.

Police spokesman Alexa Collicott said: "We can confirm that the Cotswold Water Park Society have made a complaint of fraud to us. That complaint is being investigated by our Economic Crime Unit.

"On Wednesday April 28 Gloucestershire Police arrested two men, aged 62 and 47, on suspicion of theft, conspiracy to defraud, money laundering and false accounting.

"They have been bailed to return to police in June."