TWO more women have been arrested as part of a major fraud investigation into Initiative Property Management (IPM). 

The women, both from Bournemouth and in their 40s and 70s, have been quizzed by officers after the Branksome-based firm ceased trading in September. 

Dorset Police is continuing to investigate the company’s sudden closure, which left thousands of residents, property owners and contractors out of pocket. 

Providing an update to the Echo, a force spokeswoman said: “Following further enquiries, two women from Bournemouth – aged in their 40s and 70s – were arrested on suspicion of entering into or being concerned in the acquisition, retention, use or control of criminal property.  

“They have been released under investigation as enquiries continue. 

“Two people previously arrested in connection with the investigation – a man aged in his 30s and a woman aged in her 60s and both from Bournemouth – remain released under investigation as the economic crime unit continue their enquiries.” 

Bournemouth Echo:

In December, the man in his 30s was arrested on suspicion of fraud by abuse of position as well as carrying on the business of a company with the intent to defraud creditors or for another fraudulent purpose.  

He was also arrested on suspicion of entering into or being concerned in the acquisition, retention, use or control of criminal property and an offence of concealing, disguising, converting, transferring or removing criminal property.  

Meanwhile, the woman was arrested on suspicion of entering into or being concerned in the acquisition, retention, use or control of criminal property. 

Offering residential block and building management, IPM managed 2,144 flats and apartments – or 175 blocks, in March.  

Company accounts were last filed in November 2022, but only covered up until May 2021 when at the time IPM had current assets of £457,637.  

Steven Richard Greaney, 42, is listed as the sole director.  

Anyone with information that could help the police investigation should contact the county force at www.dorset.police.uk, quoting Operation Interest or occurrence number 55230141924. 

Alternatively, independent charity Crimestoppers can be contacted anonymously online at Crimestoppers-uk.org or by calling Freephone 0800 555 111.