The Serious Fraud Office has staged raids and made arrests in a major probe into alleged fraud and bribery.
The suspected offences have an estimated value of £300m.
SFO investigators carried out searches and made arrests at homes in Altrincham, Maidenhead and London – a commercial site in Manchester has also been searched.
Italy’s Guardia di Finanza has also carried out a search of a home in Venice.
The company involved is Home REIT, listed on the London Stock Exchange in 2020.
About Home REIT
It sold investment in its leasing of thousands of homes across the UK, raising more than £850m in its first three years of trading.
Investors were told money would be used to buy and restore properties that would be block-let to publicly funded charities and Community Interest Companies.
This was to house rough sleepers, veterans and people struggling with addiction.
Returns would be generated to investors from rent payments.
In November 2022 an investor report into Home REIT raised multiple concerns about the company.
These included 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.
An SFO spokesperson says: “This company had a meteoric rise, spending millions on properties 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.”
