Two new investigations announced by the Serious Fraud Office ("SFO") in 2025 highlight noteworthy trends in its activities:
Blu-3 and Mace Group
In April this year, Blu-3, a construction project management company, and Mace Group, a global construction firm, suffered dawn raids on four properties in the UK and one in Monaco. Three individuals were arrested and evidence was seized as part of an investigation of alleged bribes paid in relation to the construction of a Microsoft data centre in the Netherlands. This cross-border investigation effort is a demonstration of the SFO's ambitions to be "the partner of choice both domestically and internationally", highlighted in its 2024-2029 strategy paper.
Rockfire Investment Finance Plc
In an investigation launched in June 2025, Rockfire is alleged to have offered fraudulent investment opportunities into renewable energy bonds. In particular, it received more than £270 million in investment from Thurrock Council in south-east England. Rockfire has since entered liquidation and Thurrock Council has issued a section 114 notice – signalling de facto bankruptcy. This investigation contributes to a pattern of enforcement action being taken against companies in the sustainability industry (e.g. the National Crime Agency's charging solar power company PV Energy Limited with failing to prevent bribery). Actors in this still-nascent industry are therefore well advised to ensure they have robust practices and policies in place.
Basis Markets
In November the SFO launched an investigation into cryptocurrency investment scheme Basis Markets. Basis Markets is said to have raised $28 million through two public fundraisers, in November and December 2021 through the sale of non-fungible tokens. The funds were used to create a crypto hedge fund.
Investors were informed in June 2022 that the project could not proceed as planned because of new US regulations.
SFO officers, working in conjunction with the Metropolitan Police and Yorkshire Police, searched properties in Herne Hill and near Bradford, arresting two individuals on suspicion of fraud and money laundering offences.
This is the first major SFO investigation into suspected cryptocurrency fraud.