Apr.27, 2010

In what is being described as a “potentially huge” case, prominent members of the financial and mortgage industry in the North West are being investigated in relation to allegations of money laundering involving properties.

Eleven people have been arrested so far, with an unnamed source revealing to the Manchester Evening News that the case could involve “developers, solicitors, surveyors, and mortgage lenders.”

Bridging & Commercial has been told by another source that the case could involve “multimillions” of pounds, with the developers alleged to be involved known in the area as being “shady guys”.

150 police assisted the Serious Organised Crime Agency in carrying out raids in Greater Manchester and Cheshire as part of an investigation, dubbed ‘Operation Hosh,’ into organised crime in the North of England.

Further searches were carried out in the Bolton, Salford and Whitefield areas of Manchester, and also Alderley Edge, Wilmslow, Altrincham and Leigh.

Residential addresses, as well as company premises, have been raided. The probe also extends to properties abroad.

Operation Hosh was carried out under the Proceeds of Crime Act, 2002, and was the result of months of intelligence gathering by SOCA.

A source from the SOCA said that all eleven have now been released on bail but the investigation is ongoing.