09/16/2011 04:12 EDT | Updated 01/12/2012 01:34 EST

UK police extend interrogation of suspect in UBS's $2 billion rogue trade loss

LONDON - Police in London have extended their interrogation of the man suspected of causing a $2 billion loss for Swiss bank UBS.

UBS trader Kweku Adoboli was arrested at 3:30 a.m. Thursday, and normally police cannot hold a suspect longer than 24 hours without pressing charges.

City of London police said Friday morning, however, that they had obtained a 12-hour extension.

Under British law, a police superintendent can extend the 24-hour detention period by up to 36 hours for serious crimes. After that, police would need to get a court order to continue questioning for up to 96 hours more.