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| Version 0 | Version 1 |
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| Eight seized over mortgage frauds | Eight seized over mortgage frauds |
| (10 minutes later) | |
| Police have arrested seven men and a woman over suspected involvement in a massive mortgage fraud worth £40m. | Police have arrested seven men and a woman over suspected involvement in a massive mortgage fraud worth £40m. |
| More than 50 officers from the City of London Police force arrested the suspects early this morning at homes in Sussex and North London. | More than 50 officers from the City of London Police force arrested the suspects early this morning at homes in Sussex and North London. |
| The Police are investigating fraudulent mortgages taken out on 500 homes in Southern England between 2005 and 2007. | The Police are investigating fraudulent mortgages taken out on 500 homes in Southern England between 2005 and 2007. |
| The authorities' investigation centres on a defunct mortgage broker called Eastbourne Financial Services. | The authorities' investigation centres on a defunct mortgage broker called Eastbourne Financial Services. |
| "The scale of today's operation shows City of London Police's commitment to investigate frauds and bring those behind them to justice," said Detective Superintendent Bob Wishart of the from City of London Police. | |
| Taking action | |
| The City Police were tipped off about the large scale fraud by the Financial Services Authority (FSA) which, in the past year, has been increasingly vigorous in taking action against mortgage brokers who submit fraudulent applications to lenders. | |
| Last week the FSA banned a Wakefield mortgage adviser called Mohammed Ahmed. | |
| It described him as lacking "honesty and integrity" for using false pay slips when submitting mortgage application forms to lenders, both for himself and his clients. | |
| Last year the FSA banned 20 individual mortgage brokers as part of its crackdown and said it would continue to make an example of mortgage fraudsters. |