A 34-YEAR-OLD gang member held in connection with the £2.6m. Lagan fraud has been released on bail.

The man was arrested on Tuesday morning as Guernsey Police simultaneously carried out raids on three UK properties in a joint operation with Lincolnshire Police.

Officers, seconded to the Lincolnshire force in recent weeks, entered and searched two properties in Thamesmead, London, and another in Chatham, Kent.

All three addresses were linked to the arrested suspect.

Guernsey Detective Chief Inspector Phil Breban, pictured, yesterday provided more details of the raids.