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Police swoop over alleged £40 million mortgage fraud

City of London police have today searched 6 houses and 3 offices after a tipoff from the Financial Services Authority regarding a possible £40 million mortgage fraud. Over 50 officers were involved in the raid which saw nine people arrested from homes in Sussex and North London. While the size of the alleged fraud is enormous it apparently relates to allegations regarding 500 possible fraudulent mortgage applications between 2005 and 2007. The situation appears to have arisen from the offices of the now-defunct mortgage broker Eastbourne Financial Services.

Financial fraud has mushroomed over the last few years with the onset of the Internet cited by many as a possible reason for the rise. The police have been working overtime across the country to stem the flow of financial frauds and financial scams which appear to have increased as the economic situation worsens in the UK. While frauds in the region of £40 million are not the norm we are seeing more and more alleged frauds in the tens of millions of pounds as the UK financial system comes under severe strain.

Many people believe this alleged £40 million mortgage fraud further highlights why the UK regulatory system needs a complete overhaul in the short to medium term.

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