£50m mortgage fraud scam goes to court

Six people are to be charged in a £50m mortgage scam, the Serious Fraud Office (SFO) said yesterday.

At a preliminary hearing at Southwark Crown Court in January, the defendants will be accused of fraudulently securing loans on six commercial investment properties that caused the lenders significant losses. The investigation was first referred to the SFO in 2006, following a complaint from the Cheshire Building Society.