Six suspects arrested in multi-million pound social housing fund scandal
A sweeping investigation by the Serious Fraud Office (SFO) has led to the arrest of six individuals, with seven sites raided across the UK as authorities crack down on a suspected £300m fraud at Home Reit, a social housing fund.
The SFO's operation, which involved collaboration with the National Crime Agency and Italian law enforcement, targeted allegations of bribery and corruption within Home Reit. The agency estimates that some £300m in "suspected offending" occurred at the company, which was once listed on the London Stock Exchange.
Home Reit's meteoric rise from 2020 to become the UK's first social housing fund listed on the London Stock Exchange came with lofty ambitions – growing into a £1bn business and providing homes for over 10,000 people struggling with homelessness. However, the company's rapid ascent was marred by controversy.
Critics accused Home Reit of delivering substandard accommodation that led charities to withhold rent payments. The Noble Tree Foundation, one of the fund's larger creditors, had previously been in a standoff with Home Reit over the condition of its properties, some of which had issues such as black mould and leaking ceilings.
The company's value plummeted by 70% before the stock exchange suspended trading in January 2023. Just months later, it emerged that the Noble Tree Foundation was not paying rent to Home Reit due to the poor condition of its properties.
The investigation is ongoing, with authorities seeking answers about the actions taken by Home Reit's executives and how they may have been complicit in the alleged wrongdoing. For now, six suspects are in custody, while seven sites have been raided as part of the SFO's efforts to unravel a web of deceit that has left many questions unanswered.
A Home Reit spokesperson said the company was "cooperating fully" with the investigation and would provide any assistance it could to the authorities. Meanwhile, the government's solicitor general, Ellie Reeves, called on those responsible for the alleged wrongdoing to come forward and answer for their actions.
A sweeping investigation by the Serious Fraud Office (SFO) has led to the arrest of six individuals, with seven sites raided across the UK as authorities crack down on a suspected £300m fraud at Home Reit, a social housing fund.
The SFO's operation, which involved collaboration with the National Crime Agency and Italian law enforcement, targeted allegations of bribery and corruption within Home Reit. The agency estimates that some £300m in "suspected offending" occurred at the company, which was once listed on the London Stock Exchange.
Home Reit's meteoric rise from 2020 to become the UK's first social housing fund listed on the London Stock Exchange came with lofty ambitions – growing into a £1bn business and providing homes for over 10,000 people struggling with homelessness. However, the company's rapid ascent was marred by controversy.
Critics accused Home Reit of delivering substandard accommodation that led charities to withhold rent payments. The Noble Tree Foundation, one of the fund's larger creditors, had previously been in a standoff with Home Reit over the condition of its properties, some of which had issues such as black mould and leaking ceilings.
The company's value plummeted by 70% before the stock exchange suspended trading in January 2023. Just months later, it emerged that the Noble Tree Foundation was not paying rent to Home Reit due to the poor condition of its properties.
The investigation is ongoing, with authorities seeking answers about the actions taken by Home Reit's executives and how they may have been complicit in the alleged wrongdoing. For now, six suspects are in custody, while seven sites have been raided as part of the SFO's efforts to unravel a web of deceit that has left many questions unanswered.
A Home Reit spokesperson said the company was "cooperating fully" with the investigation and would provide any assistance it could to the authorities. Meanwhile, the government's solicitor general, Ellie Reeves, called on those responsible for the alleged wrongdoing to come forward and answer for their actions.
$300m gone down the drain because some greedy ppl thought they could get away with cheating the system. 
Like who does that? Home Reit was supposed to be helping ppl struggling with homelessness, but it turns out they were just lining their own pockets. 
And now the six suspects are just chillin' in custody while we're all left wondering what really went down. I mean, 70% value drop? That's some serious damage control needed... or not happening 
. Guess we'll just have to wait and see how this whole thing plays out 
I'm literally shaking with rage right now... like what is wrong with these people?! 
Six suspects arrested but only because someone finally decided to take a closer look at Home Reit's books? 
This company was supposed to be helping 10,000 people struggling with homelessness, and instead they're accused of delivering substandard accommodation that led to charities withholding rent payments?! 
The fact that these people got away with this for so long is just infuriating. I mean, come on! You're supposed to be a social housing fund, not some dodgy operation taking advantage of vulnerable people. 
This investigation better be thorough and get to the bottom of what really happened at Home Reit... 7 sites raided? That's just the tip of the iceberg... 
. And now we find out that six people are behind bars for allegedly taking £300m from the system. That's just staggering 
.
. Maybe someone's been asking too many questions 
?
anyway back to home reit - what a shame for all those people who are struggling with homelessness they deserve so much better 
. And what really gets me is that Home Reit was supposed to be helping people struggling with homelessness 
, but instead they're accused of delivering substandard accommodation and withholding rent payments... it's like, totally unacceptable 
my heart goes out to all the people who are struggling with homelessness and were promised a safe place to live... but now it seems like some people just didn't care about providing quality homes 
£300m is a lot of money, but what's even more heartbreaking is the thought that some individuals might have profited from others' misfortunes 
? seems like Home Reit's ambition turned into a mess 
And don't even get me started on the "charities" that are supposed to oversee these things... like they're some kind of magic solution 
.
what's even more infuriating is that they managed to pull off this massive scam for years without anyone batting an eye 
and now these six suspects are just chillin' in custody while the Noble Tree Foundation gets to enjoy the fruits of Home Reit's labour 
, sounds like a whole bunch of big money went missing from social housing funds... £300m is a crazy amount 
but hopefully now we'll get some answers 
️
It's just so sad.
the government needs to make sure that those responsible get held accountable 
#JusticeForTheHomeless #CorruptionWillNotBeTolerated #SocialHousingMatters
i mean you're supposed to be helping people struggling with homelessness, not making money off them by selling substandard homes 
it's gotta be super frustrating for the Noble Tree Foundation, especially after they went through a standoff with the company over the condition of their properties 
