Login
ISCOVER
A raft of people were arrested in England overnight in connection to a suspected £40 million (A$85 million) mortgage fraud.
According to The Guardian, seven men and one woman were being held after a swoop involving 50 officers to crack fraud on more than 500 properties purchased in the south of England between 2005 and 2007.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
Three business premises were also raided and a task force has subsiquently been established to handle the situation.
The central suspect is a mortgage broker based in East Sussex, now in liquidation and no longer authorised to operate by the Financial Services Authority (FSA).
Mortgage fraud in England has boomed as a result of the economic downturn, the National Fraud Strategic Authority reported last year.
COMMENT HERE
