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10/03/2009
Nine Held Over Alleged £40m Mortgage Fraud
Nine people are being questioned by police in relation to an alleged £40 million mortgage fraud, according to police.
Officers from City of London Police fraud squad are searching six homes and three business premises in southern England.
Eight men and one woman were held following the raids on the residential addresses in Sussex and north London.
They are being questioned on suspicion of money laundering and conspiracy to defraud.
A spokesman said: "Officers from City of London police arrested eight people across the south-east in connection with a suspected £40 million mortgage fraud."
The inquiry centres on Eastbourne Financial Services Ltd (EFS), a mortgage broker based in East Sussex, the spokesman added.
EFS is currently in liquidation and no longer authorised by the FSA.
The FSA described mortgage fraud as a "serious and widespread problem".
(JM/BMcC)
Officers from City of London Police fraud squad are searching six homes and three business premises in southern England.
Eight men and one woman were held following the raids on the residential addresses in Sussex and north London.
They are being questioned on suspicion of money laundering and conspiracy to defraud.
A spokesman said: "Officers from City of London police arrested eight people across the south-east in connection with a suspected £40 million mortgage fraud."
The inquiry centres on Eastbourne Financial Services Ltd (EFS), a mortgage broker based in East Sussex, the spokesman added.
EFS is currently in liquidation and no longer authorised by the FSA.
The FSA described mortgage fraud as a "serious and widespread problem".
(JM/BMcC)
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