Jahns was presented with a warrant in the early morning, according to a report in daily Bild, which was confirmed by a spokesman for the Wiesbaden state prosecutor.

Jahns is accused of mixing his professional interests as president of the EBS with his private interests as co-owner of several Swiss firms. He strongly denies the charges. He was arrested because prosecutors feared that he would tamper with evidence if he remained free, Bild reported.

“There is a strong suspicion of breach of trust. The arrest warrant was because of the danger of collusion,” prosecutor Hartmut Ferse told the paper.

Police searched nine separate premises following his arrest yesterday. State police went through his private residence in Frankfurt as well as the EBS premises, Rheingau Palais and the Atrium, both in Wiesbaden. Jahns was taken before a judge Monday afternoon.

The judge told Jahns he must report regularly and step aside from his responsibilities at the EBS until the investigation has been finished.

The EBS said it would co-operate with authorities on the matter.

The Local/djw