AIB may have fallen foul of £56m property fraud

An alleged £56m (€60.1m) property scam over four years on the Allied Irish Bank is to be investigated, the Serious Fraud Office (SFO) in the UK said today.

An alleged £56m (€60.1m) property scam over four years on the Allied Irish Bank is to be investigated, the UK's Serious Fraud Office (SFO) said today.

The SFO and City of London Police raided three business and residential addresses in central London yesterday, although no arrests have been made.