John 'Goldfinger' Palmer: Man arrested in murder inquiry

Police originally thought John Palmer had suffered a cardiac arrest

A man has been arrested by police investigating the murder of convicted fraudster John "Goldfinger" Palmer.

The 65-year-old was shot at his home on Sandpit Lane, in South Weald, near Brentwood, Essex, on 24 June.

Police initially thought he had had a cardiac arrest and did not realise for nearly a week he had been shot.

A 43-year-old man from Rugby has been arrested on suspicion of conspiracy to commit murder in connection with the inquiry, Essex Police said.

Palmer was found dead at his home on Sandpit Lane, South Weald near Brentwood

Palmer was jailed for eight years in 2001 for masterminding a timeshare fraud targeting people across the UK.

£300m fortune

A year later, he was ordered to hand over £35m, but the ruling was overturned on a technicality.

Det Ch Insp Simon Werrett, who is leading the murder investigation, said: "This is a positive development but we are continuing to appeal for witnesses to any suspicious activity in the area.

"Sandpit Lane is a popular spot for joggers and dog-walkers and I am particularly keen to hear from anyone who was in the vicinity between 16:00 BST and 18:00 BST on Wednesday, June 24."

The arrested man has been released on police bail until 23 September pending further inquiries.

Palmer's wealth was once estimated at £300m, according to an Underworld Rich List compiled for the BBC in 2004.

He owned helicopters, a French chateau and a £1m mansion in Bath, and was once considered one of the biggest landowners on Tenerife.

'The timeshare king'

• Brought up in Olton, near Birmingham, Palmer was a serial truant who left school unable to read or write

• But he made his fortune by going into the gold and jewellery business with a friend

• He was arrested for his alleged role in helping smelt gold stolen from a warehouse at Heathrow in 1983 but was cleared of any wrongdoing

• Palmer's most lucrative enterprise was a timeshare scam based in Tenerife, in which he conned at least 16,000 victims until he was jailed in 2001

• The BBC understands when he was killed, he was on bail after being arrested in Spain over an unknown offence

• Palmer kept a sign on his office desk which read: "Remember the golden rule - he who has the gold makes the rules"