A congregation is reeling after one of its most trusted members was arrested on suspicion of fraud.

Patrick Coppeard, 48, of Spring Grove in Loughton, handed himself in to police last month after giving a senior figure at St John’s church in Buckhurst Hill a list of parishioners thought to have lost millions of pounds of savings between them.

The former employee at Merrill Lynch investment bank, who chaired the church’s development and buildings committees, handed himself in at a police station on May 10 and was arrested on suspicion of fraud by false representation.

Up to £5 million is thought to be involved and some individuals claim to have lost £250,000.

Rob Smith, treasurer at St John’s church, said: “St John’s church is praying for all those in the parish and community affected by this situation and is providing pastoral support.

“The church urges respect for their privacy at this time and will refrain from making any comments, as these might be construed as hindering the police investigations which are proceeding.

“Within the church, some funds have been made available by a couple of individuals, who I don’t know, to help people who may have been finding it difficult as a result of recent events.”

The Guardian has made several attempts to contact Mr Coppeard, with no response.

He has been released on bail until October.