Five men have been arrested across the North West and London in a National Crime Agency investigation linked to property investment fraud and money laundering.
NCA officers arrested a 68-year-old man at an apartment in central London on Thursday, February 23. He is suspected of being involved in the fraud that targeted victims with promises of investment returns on North West property developments.
Another man, aged 60, was also arrested at a property in West Lancashire. Would-be investors were approached to buy apartments advertised as off-plan with offers of guaranteed rental income when they were completed. The projects were never finished meaning up to 100 investors were defrauded out of nearly £8m.
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Additional searches linked to the arrests took place at two houses in Liverpool and two storage units in central London. Three suspected co-conspirators were also arrested on Tuesday, February 21, at two addresses in Chorley and one in Wigan, with all three being released pending further enquiries.
As part of the investigation, in June last year, the NCA arrested another two people suspected of being involved, a 38-year-old man living in central London and a 61-year-old woman from Cheshire. Both were released pending further enquiries.
A number of devices and documents have since been seized.
Suzanne Foster, Branch Commander from the NCA’s Complex Financial Crime Team, said: "Fraud can be absolutely devastating for victims. In this case, we know that some people have had their whole life savings taken from them.
"This group were organised and are suspected of fraudulently making and laundering millions of pounds by relying on people’s trust. Tackling fraud is a priority area for the NCA and we, along with our partners, are committed to disrupting those people and groups that profit from it. This investigation continues."
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