On Wednesday, some 40 investigators from the judicial police conducted searches as part of an investigation against a real estate group.

The searches targeted "financial establishments, offices, and homes in the judicial district of Luxembourg," according to a statement issued by the public prosecutor's office on Thursday. They were carried out as part of an investigation into breach of trust, fraud, forgery, misuse of company assets, and fraudulent bankruptcy.

The investigators arrested one person, who was questioned by an examining magistrate before being remanded in custody pending trial.

The public prosecutor's office reminds the public that "by virtue of the principle of presumption of innocence, any person who is accused of an offence is deemed innocent until proven guilty in a court of law."

The online magazine Reporter had previously reported that the real estate group in question is the Cenaro Group.

The recent bankruptcy of the group has left around 100 families in difficulty as construction of their homes has ground to a halt.