Jumbo CEO remains in custody, suspected for money laundering

Jumbo CEO Frits van Eerd is still in custody following a series of raids in Holland in a money laundering investigation. Van Erd is one of nine nine individuals who were arrested. Jumbo is the cosponsor for one of the best WorldTour teams in men’s cycling.

According to news reports in The Netherlands, van Eerd is not the prime suspect in the investigation but Dutch news have confirmed that his home and business premises were raided and searched by police and other authorities.

The investigation was looking into fraud that involved money and goods laundered through real estate transactions, car dealerships, cash deposits, and sponsorship contracts in motocross.

Police believe that a 58-year-old man from Aa en Hunze is the main suspect in the case. According to sources, that man is Theo E. who in the past worked as a team manager in motorcycle racing, including for the Jumbo TvE MX team that is sponsored by Van Eerd.

In a statement, the supermarket chain has distanced itself from the CEO, saying that it does not concern the Jumbo company itself.