Asil Nadir released after 'bail breach' arrest
Ex-Polly Peck tycoon Asil Nadir has threatened legal action after being arrested for allegedly breaching his bail conditions.
Mr Nadir, who returned to the UK in August having evaded trial since 1993, said his lawyers would issue a writ for wrongful arrest on Monday.
After being released, he said he had been "a victim of an unlawful arrest".
It is alleged Mr Nadir, 69, secretly transferred £34m out of his Polly Peck company, leading to its collapse.
His trial is not expected to take place until 2012 because of the complexity of the allegations.
Speaking outside Charing Cross police station in London, he said: "Unfortunately, I have been a victim of an unlawful arrest, claiming that I had broken my bail conditions.
"That was not the case. I have been released with an apology but I am hoping that this sort of unlawful behaviour, as I have claimed for many years, does not take place in this country.
"It's such a great shame for this country."
BBC correspondent Mike Sergeant said Mr Nadir told reporters he had been at home all week - and had CCTV footage from his home to prove it.
The Metropolitan Police would only confirm Mr Nadir has been released and that no further action would be taken.
Mr Nadir was remanded on bail at the Old Bailey at his first court appearance on fraud and theft charges on 3 September 2010.
His bail conditions included surrendering his passport, reporting to a police station once a week, being prohibited from going near any airport and a curfew between midnight and 0600 BST.
It is thought he was arrested for breaching his curfew - but it is not known by how much or where he was.
An electronic tag - which he wears so the authorities can monitor him - will have sent a signal alerting the police to the alleged breach.
The Serious Fraud Office (SFO) had been informed of the arrest.
Earlier this year, Mr Nadir let it be known that he was prepared to return to the UK on condition that he was granted bail while his case was heard, rather than being held in custody.
The SFO had agreed not to oppose bail if stringent conditions were imposed.
Mr Nadir had faced 66 counts of theft and £34m fraud allegations when he fled to the Mediterranean island.
The UK has no extradition arrangements with the Turkish Cypriot government in the breakaway republic of northern Cyprus.
Mr Nadir and his 26-year-old wife Nur are renting a £20,000-a-month house in Mayfair, central London.