Market manipulation suspects nabbed in Austria

Businessmen accused of having masterminded a multimillion-Euro financial market manipulation scheme have been arrested in Austria.The Vancouver Sun newspaper reports today (Fri) that ex-stock newsletter editor Pascal Geraths and Canadian stock promoter Aly Babu Mawji were put in custody in Salzburg and Vienna respectively.German prosecutors, who are currently investigating the potentially illegal stock market activities, asked their colleagues in Austria for assistance before the arrests were carried out. The suspects remain in detention and may not be extradited to Germany, according to reports.German officials fear that Austrian prosecutors could hamper the procedure due to the country’s less strict laws as far as the categorisation of business crimes is regarded. Speaking to the Vancouver Sun daily, prosecutors in Stuttgart, Germany, stressed that the defendants are suspected of having generated more than 47 million Euros.Geraths was arrested in his flat in the city of Salzburg, while Mawji was travelling to Albania when he was detained in Vienna, according to the Canadian newspaper. The daily also reported that a third suspect was put in custody.