These include chief executive Fabio Cannavale and operations chief Andrea Bertoli, the company confirmed in a statement. Prosecutors have also blocked $7 million in company accounts.

"The board has resolved to suspend the powers delegated to both of them for a period of three months in connection with the ongoing investigation of the Public Prosecutor’s Office of the Canton of Ticino," a spokesperson said.

In the meantime, the company has appointed chief customer officer Laura Amoretti as interim chief executive. She joined the group in 2010 as managing director of its cruise business and, prior to joining, she was with a European-based online travel agency.

Laurent Foata, chair of the board, said: "Laura is a very committed and dynamic leader with vision, energy and substantial relevant experience with our group.

"Her contribution will be especially precious at this juncture. We look forward to engaging closely with Laura in her new role as she will lead our business forward in this stage of our journey towards profitable growth in the field of travel."