A TOTAL of four arrests have been made as part of the Serious Fraud Office’s investigation into a business which had proposed new plans for the former North Wales Hospital site in Denbigh.
Signature Group, a business that attracted more than 1,000 investors in the redevelopment of landmarks including Belfast’s Scottish Mutual Building, operated for more than seven years.
In 2018, the group shared plans to build two hotels, a number of homes and a centre of excellence at the former North Wales Hospital, all while keeping the original site.
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Plans for new homes at former Denbigh hospital site take step forward
But these later collapsed, with it also being confirmed today (February 21) that an outline business case by Jones Bros Civil Engineering to restore the building and build new homes and green spaces at the site has been approved.
The SFO made four arrests in Merseyside and Greater Manchester and raided three properties, it said.
Signature Group collapsed into administration, with losses of up to £140 million.
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.
This is the fourth new investigation launched since director Nick Ephgrave QPM joined the UK’s specialist anti-fraud agency in September.
Today’s SFO operation was supported by the National Crime Agency.
Mr Ephgrave 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.”
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