Six charged in Cheshire BS mortgage fraud

A complaint from the Cheshire Building Society (now part of Nationwide) has resulted in six people being charged with offences in relation to commercial mortgage frauds amounting to almost £50 million.
The defendants are due to appear before Southwark Crown Court in January.
According to the Serious Fraud Office: “It is alleged that the defendants participated in a series of frauds whereby they dishonestly obtained loans from banks or building societies … on the basis of … grossly inflated prices, fraudulent valuations and forged leases”.
The borrowers quickly defaulted and the lenders suffered “significant” losses.
Five people have been charged with offences of conspiracy to obtain a money transfer by deception and dishonestly obtaining a money transfer.

One has been charged with conspiracy to obtain a money transfer by deception.
In related news, Chelsea Building Society admitted to having lost £41 million through mortgage fraud in August, and is currently negotiating a merger with the Yorkshire.