As various Italian dailies have reported, the founder of Guru and owner of Jam Session Group Matteo Cambi, 31, was arrested on Friday evening while holidaying at the Italian seaside town of Forte dei Marmi.

Cambi’s mother Simona Vecchi and Gianluca Marucco, both executives of the company and majority shareholders in the company which recently declared bankruptcy, were also arrested.

The founder of the fashion brand with the marguerite as its logo is accused of bankruptcy fraud, falsifying company reports, illegal distribution of income and resources, embezzling assets and falsifying accounts worth several million euros.