A man from Milton Keynes has been arrested as part of a suspected multi-million pound tax and money laundering fraud.
The 39-year-old is among people arrested after 200 police and HRMC officers swooped on houses and business addresses in MK, Birmingham, Leicester and London on Monday.
They seized Computers, business records and cash.
The 10 men and two women have now been released on bail.
Stuart Taylor from HMRC’s fraud investigation service said: “Tax fraud is often thought victimless but it isn’t; the public lose out on vital funds for essential services. We will continue to work with our partners to tackle this crime and ask anyone with information about this kind of activity to contact our 24-hour hotline on 0800 59 5000.”
The investigation is still continuing.