As many as 6 people have been arrested during various ongoing raids by the Serious Fraud Office, over allegations that the suspects have been involved in an advance fee fraud operation, which promised property developers loans of up-to a whopping 250 Million Pounds.

As many as 19 properties as a part of the raid were searched by the SFO, with over 100 staff and police officers, at various locations across London, Derbyshire, Cheshire and Surrey.

As per the SFO, firms going by the names of Gresham Ltd and Gresham Finance (London) Ltd were offering the said loans. At first these companies charged up-front diligence fees, and then after the loan's approval, asked for a further security deposit which would be about 5% of the total loan before they could send in the complete loan, which never came.

The firms had no connection whatsoever with the bigger Gresham Finance Ltd.

3 of the 6 arrested accused appeared yesterday at City of London Magistrates' Court, and were slapped with "one count of conspiracy to obtain property by deception, one of conspiracy to commit fraud by false representation and one of laundering the proceeds of criminal conduct".

While one of the 3 remaining accused, David Horsfall, has been granted bail, the other 2, Edward Davenport, 43, and Peter Riley, 62, remain in custody.