TWO addresses in Warrington were raided as part of a national investigation into international commercial loans fraud.

A mixture of commercial and residential properties were searched in the joint operation by the Serious Fraud Office (SFO) and Cheshire Police.

A total of six suspects – five men and one woman – were arrested in the swoop on 19 properties throughout England.

Three of the suspects were held in custody and were due to appear before magistrates in London yesterday.

A spokeswoman for the SFO said: “Searches were carried out in Warrington at a residential and commercial property.

“No further details can be released as other suspects are outstanding.”

The full operation involved more than 100 investigators and police officers, in a bid to prevent further loss to victims.

The action related to an investigation into suspected advance fee fraud and commercial rent fraud by a company operating as Gresham Ltd and Gresham Finance (London) Ltd, which offered commercial loans of up to £250m.

It promoted its services by advertising in newspapers, magazines and on the internet.

Applicants for loans were charged between £5,000 and £50,000 for a due diligence check. Most of the applications came from overseas for commercial projects such as developing resorts and building hotels in Austria, Turkey and other countries.

Once an applicant had paid the due diligence fee, the company demanded a security deposit set at between 1% and 5% of the loan amount.