Cheshire addresses raided in SFO probe

THE Serious Fraud Office has made six arrests after a swoop on 19 properties – including some in Cheshire – in relation to an international commercial loans fraud.

Addresses in Warrington, Derbyshire, London and Surrey were raided in the investigation into suspected advance fee fraud and commercial rent fraud.

The searches, involving more than 100 investigators and police officers.

The investigation cenrtres on the activities of a business operating as Gresham Ltd and Gresham Finance (London) Ltd., which offered commercial loans of up to £250m.

It promoted its services by advertising in newspapers, magazines and on the internet.  Applicants for loans were charged between £5,000 and £50,0000 for a due diligence check. Most of the applications came from overseas for commercial projects such as developing resorts and building hotels.

A further fee was charged later in the application process.

The SFO said the same suspects were also involved in a retail property renting business operating as Gresham Ltd, Park Regent Ltd and Castlereagh London Ltd.

They used a complex number of company names in their business dealings, including: 45 Oxford St Ltd, Alliance Trust, Renaissance Trust, Cutting and Company (Investments) Limited and Paul Street Media Limited.

Five men and one woman have been arrested and three were appearing at City of London Magistrates Court this afternoon..