The Serious Fraud Office (SFO) has made six arrests as part of a £300m bribery and fraud investigation into Home Reit (HOME).

Raids in London, Maidenhead, Altrincham, and Manchester – as well as a search in Venice conducted by Italy’s financial crime enforcement agencies - has led to the arrests of five men and one woman linked to the past management of the homeless accommodation provider.

The arrests are part of a ‘major operation’ investigating bribery and fraud with an estimated value of £300m undertaken by the SFO with assistance from the National Crime Agency.

Solicitor General and MP for Lewisham West and East Dulwich Ellie Reeves said the allegations in the case are ‘deeply serious’.

‘Vulnerable people, including rough sleepers and veterans, were promised homes, while investors who funded millions of pounds were promised returns. Both groups deserve answers,’ she said.

‘Fraud is a devastating crime harming people and damaging business confidence.’

HOME listed on the London stock market in 2020 under the premise of investing in social housing that would be leased to vulnerable individuals, raising £850m in the first three years of trading.

The trust, which was launched by now-defunct Alvarium Fund Managers, had pledged to buy and restore property to be let to funded charities in order to house homeless people, veterans and those struggling with addition, with returns paid to investors from rent payments.

Despite the early fundraising success, problems swiftly became apparent, and in 2022 a report by Viceroy Research raised concerns around the valuation of the properties and the fact that the largest tenants did not appear to be paying rent. It also alleged that properties had been flipped between tenants to generate profits and many properties were purchased at artificially inflated prices to boost the trust’s net asset value (NAV).

HOME shares plunged and were subsequently suspended in January 2023. Property specialists AEW were appointed to manage the fund in May 2023 and it was then placed into wind-down a year later.

In November 2025, HOME entered into an agreement to sell 82% of its property portfolio to Patron Capital for £123m, with the real estate investor snapping up 700 of HOME’s 853 assets.

Emma Luxton, director of operations at the SFO, said HOME had a ‘meteoric rise’ as it spent millions on properties.

‘Its chaotic downfall has left many with unanswered questions,’ she said.

‘We conducted a major operation to advance our inquiries into suspected bribery and fraud.’

There is also ongoing private litigation against HOME led by lawyers Harcus Parker on behalf of some shareholders. HOME in turn started its own legal claim against Alvarium Fund Managers (UK) Ltd and AITi Re Limited, its former investment adviser’s appointed representative over the mismanagement of the fund.