Detectives attached to the Organised Crime Investigation Division (OCID) have arrested and charged one man in connection with a $17 million racket at a hardware store in Santa Cruz, St Elizabeth.

The man, Richard Bennett, a former manager at the store, is now scheduled for the St Elizabeth Resident Magistrate's court on Friday. He was reportedly held during a sting operation which was conducted last Tuesday, after evading the law for almost six months. He was subsequently arrested and charged with conspiracy to defraud and money laundering.

Head of OCID, Superintendent Fitz Bailey, confirmed Bennett's arrest and said the police are on the hunt for three others who are believed to be involved in the racket.

The police explained that their investigations into the multi-million dollar racket revealed that those responsible for running the racket devised a way to bypass the company's payment system, and gave out goods without collecting upfront payment. The police say in some cases persons also paid no money for goods they received from the store.

The racket is said to have been in operation since 2006.