The $77 million alleged fraudster

Insurers aren't sure whether that pirate attack occurred as described

London police arrested Greek ship owner Marios Iliopoulos for conspiracy to commit fraud after he testified in a $77-million-lawsuit against his insurers, Bloomberg reports.

Read: Piracy is a bigger problem for Canadian ships than you might think

Suez Fortune Inevstments Ltd. alleged their vessel was damaged beyond repair when pirates off the coast of Yemen boarded the ship and detonated a grenade.

His insurers, including Talbot Underwriting Ltd., have questioned whether the attack occurred as described.

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