POLICE raided two Oxfordshire homes as a fraud investigation was launched into Oxfordshire software firm Torex.

Last week Torex, which supplies check-out software to retailers like Tesco and Woolworth's, shocked the City when it suspended trading in its shares "pending clarification" of its financial position.

The Serious Fraud Office said it had searched three properties over the last two days - two in Oxfordshire and one in Warwickshire - with the City of London Police.

The company employs 65 people at its headquarters in Range Road, Witney, and 53 workers in Banbury.

A SFO spokesman said there were no arrests and no further details would be given. Torex Retail also declined to comment.

Torex was set up at Stonesfield by Chris Moore, whose address at Companies House is given as Fanthill, Hayway Lane, Hook Norton.

He became a multi-millionaire when he sold the health software arm of Torex to Isoft two years ago.

Isoft, based in Banbury, is also under investigation for financial irregularities - not by police, but by the Financial Services Authority.

Torex said earlier this week that it was advised by its recently installed finance director, Marcus Leek, to suspend the shares after warning that full-year results were likely to be "significantly below market expectations".

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