Copenhagen- A 50-year-old man was Friday remanded in custody on suspicion of defrauding a Danish bank of some 17 million kroner (3.1 million dollars), news reports said.

The fraud against Carnegie Denmark A/S, a subsidiary of a Swedish investment bank, took place over a five-year period until earlier this year, the Jyllands-Posten newspaper reported.

The custody hearing against the man, a high-placed employee, was held behind closed doors in Copenhagen.

According to Danish police, less than 200,000 kroner has been traced but a search for possible accounts in other countries was underway, the newspaper said.

The man had made some concessions and according to police sources said he had been threatened, news agency Ritzau reported.

In November the Swedish state took over Carnegie Investment Bank AB that lost its operating license.

Carnegie is engaged in stockbroking, equity analysis, equity trading, asset management and advice on corporate acquisitions in the Nordic region. (dpa)