The raids took place in St Lenoard’s, Dorset and Aylesbury and Buckinghamshire, and are part of an investigation into the group, which fell into administration in 2019.

According to the SFO, over four years, the developer purchased 23 properties across the UK — mostly former hotels — offering an annual 10% return on investment in the renovation of the properties into high-end care homes.

The organisation stated that the schemes advertised facilities such as swimming pools, room services and luxury amenities, while the rooms were advertised and sold with a guaranteed annual payout, as well as the opportunity to resell the asset back with up to a 25% profit after 10 years.

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Over 600 people and companies had invested into the scheme via room purchases, which were set to be rented out to elderly residents — however, only nine of the properties ever became operational, with some continuing to run as hotels rather than care homes.

The SFO also said the firm made a series of purchases purportedly for the company, including two Lamborghinis, a Mclaren 570GT, a private jet and two yachts.

Commenting on the arrests, Nick Ephgrave QPM, director at the SFO, said: “This company’s abrupt collapse has created turmoil and enormous anxiety for many, with elderly people forced to vacate their homes and investors left with nothing.

“Today’s arrests are a major development in our investigation and a step towards getting the answers so many people need.”