Leading Icelandic prosecutors met members of the Serious Fraud Office in London today , underlining the strong British dimension in mounting evidence of widespread and substantial frauds exposed in the Nordic nation's dramatic banking meltdown 11 months ago. . .

Hauksson said he already had 35 cases under investigation and expected the total to rapidly grow to between 60 and 70. Areas of inquiry include loan fraud, market manipulation, document fraud, embezzlement and bank fraud. . .

Also of concern to banking experts has been the large loan exposure of these banks to individuals, some of whom held an interest in the ownership of the banks. A mix of light loan collateral and a complex web of corporate cross-holdings made discovering true asset values in many cases near impossible.  11-Sep-09.

http://www.guardian.co.uk/business/2009/sep/11/iceland-banks-fraud-uk