A former director at SNS Property Finance was arrested on Tuesday on suspicion of money laundering and embezzlement, the NRC reported on Wednesday.

Buck Groenhof’s former assistant has also been arrested, the paper said.

SNS Reaal, nationalised at the beginning of this month, made a formal complaint against Groenhof last Friday in connection with a ‘conflict of interests’, the newspaper said.

Groenhof was ‘chief restructuring officer’ at the bank’s troubled property division and left at the end of last year.

Five other external members of staff are also under investigation, the NRC said.