Mis-sold Mortgage Claims > Mortgage News
Six Charged with Huge UK Mortgage Fraud
Wed, 23 Nov 2011
Six people have been charged with commercial mortgage fraud totalling almost GBP50m.

The Serious Fraud Office stated that six people are being investigated for defrauding the Cheshire Building Society by way of several false mortgage applications.

The suspects appeared at the City of London Magistrates Court and were ordered to attend Southwark Crown Court on January 4.

It is alleged that the suspects participated in numerous frauds which ensured that they dishonestly got loans from banks or building societies which were secured against six commercial investment properties .

It is also alleged that each property was transferred between companies controlled by one of the defendants and his associates at immensely inflated prices in multiple transactions.

Another allegation is that given the hugely inflated prices, fraudulent valuations as well as forged leases, the defendants were able to successfully apply for and obtain mortgage advances to the tune of almost GBP50m.

The mortgages were then quickly defaulted on with the mortgage lenders suffering considerable losses.
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