The suspect in an alleged £5million fraud has been bailed for a fourth time.

Patrick Coppeard, 49, of Spring Grove in Loughton, was arrested on May 10, 2013, on suspicion of fraud after handing himself in to police.

There are believed to be around 82 victims of the alleged fraud, some of whom are parishioners of St John’s Church in Buckhurst Hill, where Mr Coppeard was a member.

Some people reportedly lost up to £250,000 each in the alleged scam by the former Merrill Lynch investment banker.

Mr Coppeard answered bail in October, January and yesterday, when police extended it until June 30 pending further investigations.