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Six bailed over £50m mortgage fraud

Published on 5 Jan 2010 under category: legal

Six people have appeared in court in relation to a multimillion pound mortgage fraud scam.

Ian McGarry, Simon Lawrence, Laurence Ferrigan, Saghir Afzal, Fatema Patwa and Hardeep Sodhi were released on bail after the hearing.

The six appeared at Southwark Crown Court in relation to a £50 million mortgage fraud inquiry.

It is alleged that the group conspired to obtain a money transfer through deception.

This relates to allegations of making false mortgage applications at several banks and building societies.

The six were charged with this last month after a complaint from the Cheshire Building Society in March 2006 resulted in the launch of an investigation by West Midlands Police.

Last month, the Serious Fraud Office said that the defendants had profited from "grossly inflated prices, fraudulent valuations and forged leases" when applying for home loans.

Four solicitors are among the group and all six must next appear at a court hearing on March 1st.

If you require advice on Corporate Fraud please call us on +44 (0)20 7831 0101 and ask for Dan Hyde.