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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.
Three business premises were also raided and a task force has subsiquently been established to handle the situation.
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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.
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