A residential property in Altrincham was one of several sites raided by the Serious Fraud Office (SFO) as investigators launched a major probe into a suspected £300 million fraud.
The operation, supported by the National Crime Agency, saw SFO officers descend on addresses in Altrincham, Maidenhead and London.
A commercial site in Manchester was also searched as part of the crackdown on the past management of Home REIT, a scandal-hit social housing investment fund.
Home REIT launched on the London Stock Exchange in 2020, raising more than £850 million from investors and promising to use the capital to purchase and refurbish properties for the UK’s most vulnerable, including rough sleepers, military veterans and individuals struggling with addiction.
The properties were intended to be block-let to charities and Community Interest Companies, with rent payments providing a steady return for shareholders.
However, the "meteoric rise" of the company came to a crashing halt in late 2022. Reports emerged questioning the true value of the properties and the ability of the charities involved to actually pay the rent. By January 2023, trading of the company's shares was suspended, leaving many investors - including pension savers - facing massive losses.
The investigation is focusing on allegations of bribery and fraud valued at approximately £300 million.
Emma Luxton, Director of Operations at the SFO, said: "This company had a meteoric rise, spending millions on properties that were supposed to house the most vulnerable in society and provide returns for investors. Its chaotic downfall has left many with unanswered questions."
Solicitor General Ellie Reeves MP added: "The allegations in this case are deeply serious. Vulnerable people, including rough sleepers and veterans, were promised homes, while investors who funded millions of pounds were promised returns. Both groups deserve answers."
