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£50 Million Mortgage Fraud Six people have been charged in relation to a series of alleged commercial mortgage frauds.

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£50 Million Mortgage Fraud

December 14, 2009 at 1:24 AM

Six people have been charged in relation to a series of alleged commercial mortgage frauds worth close to £50m.

The network of alleged fraudsters is accused of selling properties between one another in a number of back-to-back deals at highly-inflated prices. They are alleged to have then used the inflated sale prices, fraudulent valuations and forged leases to obtain loans from banks and building societies.

After receiving the mortgage cash, they then defaulted on the mortgages leading to large losses for the mortgage lenders.

The charges follow an investigation by the Serious Fraud Office and West Midlands Police, and date back to a complaint made by the Cheshire building society in 2006. 



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