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Four have been arrested and three residences have been raided as the Serious Fraud Office confirmed it was investigating Signature Group in a £140m fraud investigation.
Signature Group operated for over seven years, buying up predominantly historic buildings within the UK for redevelopment into luxury hotels, residential apartments and office spaces.
Investors loaned money to Signature or purchased a hotel room, apartment or office space in one of the group’s properties, with promised returns on their investment of between 8% and 15%.
The business then collapsed into administration in 2020 racking losses of up to £140m.
Properties in the group’s portfolio included Millennium House in Liverpool as well as a cruise liner that was marketed as a “flotel” to be moored off Canary Wharf in London and travel to Ibiza.
Nick Ephgrave QPM, director of the Serious Fraud Office, said: “The scheme offered attractive returns and used much-loved local landmarks to lure investors. We have people up and down the country left out of pocket, and buildings left derelict at the centre of our cities. Today’s arrests and searches will help us reconstruct exactly what happened. This is now an active criminal investigation.”
The SFO operation was supported by the National Crime Agency.
