All five have been released on bail, pending further enquires.
The four arrested in connection with fraud are:
A 50-year-old man from Wilmslow, Cheshire, a 52-year-old woman from South Cave, East Riding of Yorkshire, a 31-year-old Beverley woman and a 64-year-old Beverley man.
The fifth person arrested in connection with money laundering is a 47-year-old woman from Wilmslow, Cheshire.
All five people were arrested after a lengthy investigation.
Humberside Police are unable to provide any further information whilst criminal proceeding are now live.