The Bermuda Police Service confirmed tonight that a former chief financial officer of a Bermuda-based reinsurance firm accused in a $1.8 million fraud scheme has been apprehended overseas.

Yuval Abraham, who worked at Hiscox, was arrested in Athens, Greece.

A police spokesman said: “He is being held in custody pending a hearing on extradition to Bermuda.

“The Bermuda Police Service relies upon and uses international law enforcement partners in cases such as this that have an international component, and would like to recognise their assistance in this matter.”

Mr Abraham faces eight counts of obtaining a money transfer by deception and nine counts of false accounting.

He is further charged with attempting to obtain a money order by deception and one count of money laundering.

Acting Detective Superintendent Nicholas Pedro (Crime Division) said: “He is being held in custody pending a hearing on extradition to Bermuda.

We would like to thank the media and our partners for their assistance in locating Mr Abraham,” he added.

The Bermuda Police Service relies upon and uses international law enforcement partners in cases such as this that have an international component, and would like to recognise their assistance in this matter.”