"Investors in the London-based firm were toldtheir moneywould be used tobuy andrestore properties which would then be rented to publicly fundedcharitiesand other organisations to houserough sleepers,veteransandpeople struggling withaddiction, the SFO said. Home REIT raised 850m in investment in three years before it suspended trading on the London Stock Exchange in January 2023. Returns had been due to be generated to investors fromrentpayments, the SFO said."
"After one of Wednesday morning's raids in north London, deputy head of the fraud and bribery division at the SFO Andy Parratt told the BBC that the investigation "impacts some of the most vulnerable people in society". He added: "We had over 150 staff involved in the deployment, and so it's still early days in the investigation, but we are trying to establish exactly what's happened in terms of the management of Home REIT and the reason that it collapsed.""
The Serious Fraud Office arrested six people as part of an estimated 300m bribery and fraud investigation into the former management of Home REIT. Officers raided six addresses across the UK with searches in north London, Altrincham, Maidenhead and Manchester. Investors were told funds would buy and restore properties to be rented to publicly funded charities and organisations to house rough sleepers, veterans and people struggling with addiction. Home REIT raised 850m in three years before suspending trading in January 2023, with returns expected from rent payments. A November 2022 investor report raised concerns about valuations and tenants' ability to pay. Home REIT worked with 17 not-for-profit partners and provided accommodation to more than 3,000 people.
Read at www.bbc.com
Unable to calculate read time
Collection
[
|
...
]