Investors were told their cash would be used to buy and restore properties to house rough sleepers, veterans and people struggling with addiction (

Six people have been arrested this morning after the Serious Fraud Office (SFO) launched a massive investigation into a social housing company.

Home REIT – which owned thousands of homes intended for homeless and vulnerable people – is being probed over suspected fraud and bribery offences worth an estimated £300million.

The firm told investors their cash would be used to buy and restore properties to house rough sleepers, veterans and people struggling with addiction.

But claims later arose over the condition and value of properties as well as allegations that the housing was being privately rented via Zoopla or as holiday accommodation via Booking.com.

Solicitor General Ellie Reeves threw her weight behind the SFO’s investigation saying it was an important case as both investors and vulnerable people appear to have been “let down”.

On Wednesday, Serious Fraud Office investigators, working with the National Crime Agency, carried out seven searches across England and Italy, arresting five men and one woman aged between their 40s and 70s. The operation relates to a major fraud and bribery probe into Home REIT, which raised £850 million to provide housing for vulnerable people. Concerns over property use and valuations led to its collapse and ongoing investigations.