SEVEN people have been arrested in a series of dawn raids as part of a multi-million fraud investigation by Cleveland Police and the Serious Fraud Office.

More than 30 officers from Cleveland, Thames Valley, Kent and the City of London Police took part in the co-ordinated swoop, codenamed Operation Anvil.

Seven houses were targeted and searched in the Oxfordshire, Berkshire, Kent, Surrey and London areas on Tuesday.

A large amount of documentation and computer equipment was seized and brought back to Teesside for examination.

Detective Inspector Bill Matthews, head of the force's fraud squad, said the seven people arrested, including one woman, were interviewed at length at police stations in the Thames Valley area.

They have been released on bail until May pending further inquiries.

The investigation, which has been running for two years, surrounds the collapse of the Mea Corporation, Mea Projects Limited, the former Rotrax Engineering and Brightchance company, formerly CJ Bartley.

The companies went into liquidation in 2001, owing substantial sums to creditors.

Det Insp Matthews said: "The investigation has also looked at the similar question of liquidation or dissolution of other companies connected to those arrested. We are talking about millions of pounds that are owed to creditors.

"Liquidators were brought in to investigate and as a result of what they found the matter was referred to us."