The U.K. Serious Fraud Office (SFO) announced two raids and three arrests coinciding with the launch of an investigation into collapsed property developer Carlauren Group.

Carlauren Group entered administration in November 2019, exposing approximately 600 people and company investors. The SFO said in a press release Tuesday it is investigating alleged fraud totaling 76 million pounds (U.S. $97 million).

“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,” said SFO Director Nick Ephgrave in the release. “[These] arrests are a major development in our investigation and a step towards getting the answers so many people need.”

The individuals arrested with the support of the National Crime Agency were not named.

Carlauren Group purchased 23 properties across the United Kingdom, only nine of which would become operational. If offered an annual 10 percent return on investment in its renovation of the properties, the SFO noted.

Carlauren Group could not be reached for comment.

The agency has launched five new investigations since Ephgrave joined in September, including one into collapsed property investment firm Signature Group last month.