Edward Davenport accused of £12m fraud

Flamboyant entrepreneur Edward Davenport has appeared in court accused of a £12m fraud. Davenport, 43, who owns 33 Portland Place, London NW1, was remanded in custody at Wandsworth prison. Last week, he appeared alongside two accomplices, solicitor David Martin Layard Horsfall, of Surrey, and company director Martin Peter Reilly, at City of London Magistrates’ Court, following his arrest by the Serious Fraud Office (SFO). Six suspects were arrested and 19 properties raided as part of a SFO investigation into a suspected commercial rent and advanced fee fraud. Two of the suspects were released without charge and the sixth was released on unconditional bail pending further inquiries until 12 January. The arrests related to two companies trading as Gresham Ltd and Gresham Finance (London) Ltd, which offered commercial loans of up to £250m. Applicants for the loans were charged between £5,000 and £50,000 for a due diligence check. Most of the applications were from overseas and were for leisure developments. Once an applicant paid the due diligence fee, there was a next-stage payment of between 1-5% of the loan sum. The SFO said that the same six suspects were also involved in a retail property-renting business operating as Gresham Ltd, Park Regent Ltd and Castlereagh London Ltd.