Arrests Made in Alleged Currency Scam

Suspects are rounded up at the World Financial Center in New York.
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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,

NBC News

reported.

Reuters

later reported 48 people were arrested.

"It's currency fraud, securities fraud," said one agent at the scene,

Reuters

reported. "It's been a long investigation. The arrests have been ongoing today."

According to the

NBC

report, the alleged con men convinced people to buy into nonexistent currency transactions.

NBC

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

NBC

said the U.S. attorney's office will hold a news conference Wednesday morning.