Edward Davenport, Martin Riley and David Horsfall have been charged with conspiracy to defraud and money laundering offences following a SFO investigation, which involved companies operated by the individuals. The companies, which offered commercial loans up to £250 million to mainly overseas applicants from Austria, Turkey, Bulgaria, Italy, Romania and Dubai, charged a fee of £5,000 to £50,000 for due diligence checks and an additional payment (known as a security deposit) based on 1% to 5% of the total loan amount.

The SFO is also investigating allegations of rent fraud.