Tom Henderson, founder and ousted chief executive of Helston based charity ShelterBox, has been arrested on suspicion of committing fraud and money laundering offences following a raid on his home.
Three properties where the arrests took place have also been searched and items removed for analysis by detectives from the Economic Crime Unit.
The three men have all been bailed until December 2013 while detectives carry out further enquiries
Devon and Cornwall police have confirmed that the three search warrants were, “in connection with an on-going fraud investigation allegedly involving a former senior member of staff at a Helston based charity”.
A police statement said: “A 62-year-old man from Helston, a 33-year-old man from Hayle and a 40 year old man from Beaminster in Dorset have all been arrested on suspicion of committing fraud and money laundering offences.”
Shelterbox said the charity had been told by Devon and Cornwall Police that a former member of its staff had been arrested "as part of investigations into allegations of fraud and money laundering offences”.
It added: “The employee in question was dismissed from his role with ShelterBox in July 2012, and is no longer connected with the charity.
“We are confident that his arrest is in no way related to ShelterBox’s current activities. ShelterBox is co-operating fully with Devon and Cornwall Police in support of their enquiries.”
Mr Henderson was 'removed' as chief executive in August 2012.
Mr Henderson founded the Helston-based charity in 1999 and launched it the following year.
A statement from the charity said the "decision to remove him from the role was unanimous".
Mr Henderson recently set up a new disaster relief charity. Shelter for Humanity, based in Redruth, promised to “take disaster relief work to the next level.”