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Broker at centre of wide scale UK mortgage fraud

Staff Reporter 1 minute read

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.

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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Broker at centre of wide scale UK mortgage fraud
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