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The company which is the main sponsor of Barry McGuigan's Cyclone Promotions is at the centre of a fraud and money laundering investigation.

CWM, which is based in London, initially sponsored the Carl Frampton fight in Belfast in September 2014.

Subsequently Mr McGuigan's promotions firm was rebranded as CWM Cyclone.

The sponsorship is continuing and there is no suggestion of any wrongdoing connected with the deal between CWM and Cyclone.

City of London Police raided CWM's offices earlier this month, arresting 10 men and three women.

The police said they are investigating suspected fraud by false representation, conspiracy to defraud and money laundering.

Computers and other documentary evidence has been taken away.

The 13 suspects were questioned and then released on bail until September.

Det Supt Maria Woodall, who is overseeing the investigation for the City of London Police, said: "The primary objective of the arrest phase of this investigation was to stop what we believe was ongoing criminality and prevent people putting their money into CWM's managed funds offering 5% interest per month.

"Now we need anyone who thinks they have invested in this specific enterprise to get in contact and help us clarify exactly how this company has been using the funds given to them in good faith by citizens living in both the UK and abroad."

In a statement a CWM spokesman said: "There is no sustainable basis for these allegations."

The statement added: "CWM believe that they have been the victim of an orchestrated campaign initiated by individuals motivated by personal animosity.

"Despite requests made of the police, they have thus far failed to provide the name of a single investor who has raised concerns with them."

CWM has a number of other sports sponsorships including the Wigan Warriors rugby league team.

On Thursday Chelsea Football Club removed CWM from its sponsors page.

In an interview on CWM's Youtube channel in January Mr McGuigan said the company had "come on board at a crucial time."