Six charged with £50m mortgage fraud

The six defendants were charged for high value commercial mortgage fraud at the City of London Magistrates Court today following a complaint from the Cheshire Building Society. They dishonestly obtained loans from banks or building societies, it is alleged, that were secured on six commercial investment properties. The defendants then obtained mortgage advances totalling nearly £50m on the basis of fraudulent valuations and grossly inflated prices, with the lenders suffering significant losses when the mortgages subsequently defaulted. Ian McGarry, Hardeep Sodhi, Fatema Patwa, Sagh...