Six suspects have been arrested during a search operation on 19 properties throughout England. Three are being held in custody to appear before magistrates later today. The action relates to an investigation into suspected advance fee fraud and commercial rent fraud. The searches, involving more than a hundred investigators and police officers, took place yesterday to prevent further loss to victims.
Outline
Operating as Gresham Ltd and Gresham Finance (London) Ltd the company offered commercial loans of up to £250 million. It promoted its services by advertising in newspapers, magazines and on the internet. Applicants for loans were charged between five and fifty thousand pounds for a due diligence check. Most of the applications came from overseas for commercial projects such as developing resorts and building hotels (in Austria, Turkey and other countries).
Once an applicant had paid the due diligence fee there was a next-stage payment (a security deposit) set at between 1% and 5% of the loan amount. Various other company names were also used to offer a similar service.
The same suspects were also involved in a retail property renting business operating as Gresham Ltd, Park Regent Ltd and Castlereagh London Ltd (see note 2). The suspects used a complex number of company names in their business dealings, including the following: 45 Oxford St Ltd, Renaissance Trust, Cutting and Company (Investments) Limited, Paul Street Media Limited and the Alliance Trust (see note 3).
Searches and arrests
Search warrants were executed at eighteen addresses in London, Surrey, Cheshire and Derbyshire in a mixture of commercial and residential properties. The searches involved 70 personnel from the SFO and 40 officers provided by the City of London Police, the Derbyshire Constabulary and the Cheshire Police.
Five men and one woman have been arrested and three will appear in court later today at City of London Magistrates Court.
The SFO are continuing enquiries into this case.
SFO Appeal
The SFO would like to hear from anyone who believes that they might have information useful to the investigation. The number to call is 0207 239 7079
