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More Buy to Let Sleaze
ad44downey
Posts: 2,246 Forumite
More news from the sleazy buy to let trade where lying, cheating and fraud are almost mandatory.
£40m mortgage fraud suspects freed
Nine people arrested over a suspected £40m mortgage fraud have been released on bail.
Police search offices linked to suspects in the case
The eight men and one woman are suspected of targeting Bradford & Bingley in a massive buy-to-let scam involving more than 500 properties.
The inquiry centred on Eastbourne Financial Services Limited (EFS), a mortgage broker based in East Sussex in liquidation.
Among those arrested are believed to be a bank employee, solicitor, property developer and two mortgage brokers.
Large scale mortgage frauds involve criminal gangs who artificially inflate the values of property.
After obtaining mortgages against the false value of the buildings, the gang default on payments and run off with the cash.
The bank is then left out of pocket when the property is eventually repossessed and re-sold at a lower value.
The soaring property market of the past decade has made it easier for banks to gloss over fraudulent loans.
The nine suspects, aged between 29 and 73, were questioned at separate police stations on suspicion of conspiracy to defraud and money laundering.
They were held following dawn raids on six residential addresses and three businesses in Sussex and north London.
£40m mortgage fraud suspects freed
Nine people arrested over a suspected £40m mortgage fraud have been released on bail.
Police search offices linked to suspects in the caseThe eight men and one woman are suspected of targeting Bradford & Bingley in a massive buy-to-let scam involving more than 500 properties.
The inquiry centred on Eastbourne Financial Services Limited (EFS), a mortgage broker based in East Sussex in liquidation.
Among those arrested are believed to be a bank employee, solicitor, property developer and two mortgage brokers.
Large scale mortgage frauds involve criminal gangs who artificially inflate the values of property.
After obtaining mortgages against the false value of the buildings, the gang default on payments and run off with the cash.
The bank is then left out of pocket when the property is eventually repossessed and re-sold at a lower value.
The soaring property market of the past decade has made it easier for banks to gloss over fraudulent loans.
The nine suspects, aged between 29 and 73, were questioned at separate police stations on suspicion of conspiracy to defraud and money laundering.
They were held following dawn raids on six residential addresses and three businesses in Sussex and north London.
Krusty & Phil Madoff, 1990 - 2007:
"Buy now because house prices only ever go UP, UP, UP."
"Buy now because house prices only ever go UP, UP, UP."
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Comments
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Yesterdays news, todays fish n chip paper:rotfl:
see http://forums.moneysavingexpert.com/showthread.html?t=1546351[strike]Debt @ LBM 04/07 £14,804[/strike]01/08 [strike]£10,472[/strike]now debt free:j
Target: Stay debt free0 -
I am sure there will be more arrests for this sort of thing. Isn't this basically what many of these property investment groups were doing? Off-loading over-valued off-plan flats, and student houses in crummy areas to BTL investors who hadn't done their research?0
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itsnever2lateisit? wrote: »Yesterdays news, todays fish n chip paper:rotfl:
Those were the days'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0
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