Danish police say 18 men, including five foreign nationals, have been arrested on suspicion of fraud and other financial crimes worth 440 million kroner ($70 million).

Police say 11 million kroner was seized from bank accounts, as well as 1.5 million kroner in cash, eight vehicles — described as “luxury cars” — and a large quantity of “valuable jewelry.”

Police say nearly 40 raids took place across Denmark and Germany following a lengthy investigation into an organized criminal network chiefly of people with a Pakistani background who are suspected of tax fraud. All the arrests were in Denmark.

No other details were immediately available.

Police said Wednesday in a statement the investigation is continuing and those arrested would face a pre-trial detention hearing later Wednesday.