Four senior partners at KPMG's Belfast office have been arrested over alleged involvement in tax fraud.

They were detained by Her Majesty's Revenue and Customs (HMRC) yesterday in connection with what has been described as "suspected tax evasion."

The partners have been placed on "administrative leave" - KMPG is believed to be co-operating with the investigation.

Jon D'Arcy, the chairman of the Belfast office who is in charge of its audit and transaction services team is reported to be among the four men.

As are Eamonn Donaghy who is in charge of tax practice - Paul Hollway, head of corporate finance at KPMG in Ireland - and Arthur O'Brien, who provides audit and advisory services.

These men set up their own investment company called JEAP in 2005. It was primarily involved in the property market and registered losses of £2.8m between 2008 and 2010.

It is unknown if this venture is linked to the revenue and customs investigation - KPMG said that it has not received "any indication that this investigation relates to the business of KPMG or the business of our clients."

A PSNI spokesperson said that it is aware of these arrests - but criminal proceedings are not currently under way.