Four people have been arrested in an investigation into an alleged £140m property fraud.
Three properties in Merseyside and Greater Manchester were raided earlier as part of the probe, which the Serious Fraud Office (SFO), supported by the National Crime Agency (NCA), said focused on the company Signature Group.
The Liverpool-based firm, which had a portfolio of hotels in the city, went into administration in 2020.
The Signature Group operated for more than seven years, acquiring predominantly historic buildings across the UK for redevelopment into luxury flats, hotels and office spaces.
Investors loaned money to Signature or purchased a hotel room, apartment or office space in one of the group’s properties, with promised returns on their investment of between 8% and 15%.
The four people arrested have not been named and will be questioned at police stations across the northwest.
Nick Ephgrave QPM, director of the SFO, commented: “The scheme offered attractive returns and used much-loved local landmarks to lure investors.
“We have people up and down the country left out of pocket, and buildings left derelict at the centre of our cities.
“The arrests and searches will help us reconstruct exactly what happened. This is now an active criminal investigation.”
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