The fraud squad has begun an investigation into the Royal Institute of British Architects after it was accused of mislaying £1.1m of members’ funds.
City of London police said that the matter was being assessed by the National Fraud Intelligence Bureau after a complaint from Elsie Owusu, who is campaigning to become the first black president of Riba.
The complaint relates to a property deal conducted by the organisation in 2013. Under the deal, £21m was borrowed from Lloyds to lease and refurbish 76 Portland Place, next door to Riba’s listed headquarters in central London, in order to accommodate staff and allow 66 Portland Place, its historical home, to be used for exhibitions and events.
