Government investigators raid Maidenhead home in £300m bribery and fraud probe

A home in Maidenhead was raided this week as part of a Government investigation into suspected bribery and fraud by the past management of a social housing company.

The Serious Fraud Office (SFO) conducted a major operation on Wednesday involving raids and arrests as part of an investigation into Home REIT, which was listed on the London Stock Exchange in 2020.

The SFO said Home REIT sold investments in its leasing of thousands of homes across the UK, raising more than £850 million in its first three years of trading.

Investors were told that their money would be used to buy and restore properties that would be block-let to publicly funded charities and Community Interest Companies to house rough sleepers, veterans and people struggling with addiction.

Returns would be generated for investors from rent payments.

But an investor report on Home REIT raised multiple concerns about the company in November 2022, including the valuation of its properties and the ability of its tenants to pay rent.

It suspended trading on the London Stock Exchange in January 2023.

The SFO said the suspected offending has an estimated value of £300million.

SFO investigators, assisted by the National Crime Agency, carried out searches and made arrests at homes in Altrincham, Maidenhead and London.

A commercial site in Manchester was also searched, and Italy’s Guardia di Finanza, assisted by the SFO, also searched a home in Venice.

Six people have been arrested, and seven sites searched in connection with the bribery and fraud investigation announced on Wednesday.

Emma Luxton, director of operations at the Serious Fraud Office (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. Today (Wednesday), we conducted a major operation to advance our inquiries into suspected bribery and fraud.”

Solicitor General Ellie Reeves MP said: “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.

“Fraud is a devastating crime harming people and damaging business confidence. I fully support the Serious Fraud Office’s fraud and bribery investigation, working with enforcement partners – at home and abroad.”