The UK’s Serious Fraud Office (SFO) has launched an inquiry into the past management of Home REIT, a social housing company, amid allegations of fraud and bribery with an estimated value of £300m.
The SFO operation included arrests of six individuals and searches of seven sites across the UK, including in Altrincham, Maidenhead, London and Manchester, with support from the National Crime Agency. Investigators also carried out a search in Venice with Italian authorities as part of the probe.
Home REIT, listed on the London Stock Exchange in 2020, raised more than £850m by marketing investments into thousands of homes intended to be leased to charities housing vulnerable groups. The company suspended trading in January 2023 after concerns emerged over property valuations and tenant rent liabilities.
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 we conducted a major operation to advance our inquiries into suspected bribery and fraud.’
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