MNB launches probe of suspect travel agent

Analysis

The National Bank of Hungary (MNB) said today that it had launched an investigation of travel agent Kun-Mediator on suspicion of converting money without a license, Hungarian news agency MTI reported.  The MNB looked into the matter on the basis of "market signals" and began coordinating with police, who had received reports involving Kun-Mediator.

A number of people waiting in front of Kun-Mediatorʼs branch in the town of Karcag told Hungarian state-owned news channel M1 this morning that the company had offered financial services.

Mayor László Dobos told M1 that 195 reports involving the company had been made to the police so far.

The police announced on Tuesday that an investigation on suspicion of embezzlement had been launched against a "company undertaking financial activities" after several reports were made to the Karcag police.

The location of the companyʼs managing director is not yet known, the police said.

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