Two former directors of Crown Currency Exchange who were arrested on Tuesday have been released on police bail.
A spokesman for Devon and Cornwall police said Peter Benstead and Edward James had been bailed until July 12.
"Hopefully by that time the police investigation will have been completed," he said.
The pair were arrested following dawn raids on their homes and held overnight in separate police stations. Both were released today without charge.
Devon and Cornwall police serious and organised crime squad are probing the collapse of Crown Currency Exchange, which owed some 13,000 customers a total of more than £16m. Some individuals lost between £100,000 and £400,000.
Benstead set up the business with his wife Susan in 2004. James, a Conservative councillor and former Mayor of Glastonbury, was a director.
By Linsey McNeill
