Updated from 7:22 p.m. EST
Federal officials arrested dozens of people in New York on Tuesday evening in connection with an alleged foreign currency scam,
later reported 48 people were arrested.
"It's currency fraud, securities fraud," said one agent at the scene,
reported. "It's been a long investigation. The arrests have been ongoing today."
According to the
report, the alleged con men convinced people to buy into nonexistent currency transactions.
said the FBI is involved, and that agents had been seen arresting people at Two World Financial Center in Lower Manhattan. There was no word on what companies may have been involved.
Other details were not immediately available, although
said the U.S. attorney's office will hold a news conference Wednesday morning.