An eleventh person has been arrested following a series of raids on business and residential properties across Preston.

A 40-year-old man from Preston is being quizzed by detectives today working on Operation Mimosa.

It follows the arrests of nine people yesterday morning and a tenth person, a 60-year-old man, at about 5pm yesterday, as part of the same operation.

Of the people arrested yesterday, three are still in custody and seven have been released on part four bail.

As part of the operation police have seized an enormous amount of documentation, a quantity of counterfeit goods, a number of computers and a quantity of money.

The premises raided are believed to belong to the millionaire Patel family whose wealth is estimated to be around £110million.

But police have been unable to confirm whether or not the family are involved or among those arrested.

The arrests mark a significant stage in a joint operation between Lancashire Constabulary and HMRC and are the culmination of a protracted and complex investigation into the importation of counterfeit goods and the inaccurate description or overvaluation of goods for export, which have resulted in false claims to VAT repayment.

Det Chief Supt Graham Gardner, head of Crime for Lancashire Constabulary, said: "These arrests are the culmination of an incredibly complex and time-consuming investigation between the Constabulary and our partners in HMRC.

"The investigation has examined many different types of alleged criminality including counterfeit goods and money laundering and centres around the importation of counterfeit clothing and VAT fraud.

"The people arrested will be interviewed by specialist detective officers and HMRC Investigation Officers and there will be a number of searches taking place at various premises across Preston, the North West and the Midlands throughout the day."

This year the Arif Patel - and his brothers Faisal and Munaf - were ranked 659th richest in the UK on the Sunday Times Rich List.

Their company, Faisaltex Manufacturing Ltd, based in Fletcher Road in Fulwood, supplies branded socks, underwear and pyjamas for children to discount stores such as Matalan.

They also own a number of properties in Preston and are behind plans to regenerated the city centre.