Britain’s Serious Fraud Office and London police are investigating an alleged $81 million (£56 million) fraud on the corporate banking department of Allied Irish Banks (AIB). The SFO said it had searched a business and two residential addresses in London and believed AIB was not the only financial institution deceived by the suspects. It said that between 2003 and 2007 AIB, Ireland’s largest bank by market value, loaned money for the purchase of UK investment properties to companies controlled by an individual who was now the main suspect
