Search warrants were executed at eighteen addresses in London, Surrey, Cheshire and Derbyshire.
The searches involved 70 personnel from the Serious Fraud Office (SFO) and 40 officers provided by the City of London Police, the Derbyshire Constabulary and the Cheshire Police.
Five men and one woman have been arrested and three will appear in court today at City of London Magistrates Court.
The case relates to a company operating as Gresham Ltd and Gresham Finance, which offered commercial loans of up to £250m.
Applicants for loans were charged between five and fifty thousand pounds for a due diligence check. Most of the applications came from overseas and were for commercial projects such as developing resorts and building hotels.
Once an applicant paid the due diligence fee, there was a next-stage payment which was a security deposit set at between 1% and 5% of the loan amount.
The same suspects were also involved in a retail property renting business operating as Gresham Ltd, Park Regent Ltd and Castlereagh London Ltd.
The suspects used a complex number of company names in their business dealings, including 45 Oxford St Ltd, Alliance Trust, Renaissance Trust, Cutting and Company (Investments) Limited and Paul Street Media Limited.
