Monday, Aug 18, 2008
Thamesmead development - new build flats sold at inflated prices (Surely not)
FT: Six to face court over Thamesmead mortgage fraud investigation
people are to appear on bail at the City of Westminster Magistrates Court on Friday (22 August) on charges relating to a mortgage fraud investigation in Thamesmead.
The fraud came to light last year following reports from banks and building societies when the properties came to be either sold or re-possessed and the true property value was realised by the lender. Eleven arrests were made as part of an investigation by the Metropolitan Police's money laundering team between May and November last year.
It is alleged a company bought 84 off-plan new build flats in Thamesmead, south-east London, and resold them at inflated prices.
Posted by jack c @ 04:26 PM (877 views) Add Comment
5 Comments
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1. Whostolemyendowment said...
I wonder how many good honest people have been fleeced by such as these? Hopefully more will get their comeupance, but shame it won't help the actual defrauded.
2. Adrian said...
Inflated price? that would have been the current market price then?
3. plato said...
This is just the tip of an enormous iceberg. Property is an ideal medium for money laundering and has contributed in no small way to the property boom. 'Tis practised at every level of social standing and in every country of any meaning.
A few will be taken to task as 'examples' of justice.(How dare they trick banks!!!) Probably those who have upset their paymasters in some way,or those who are just plain unlucky in being 'insignificant' enough.
These investigations should start at the top and move down the social ladder to have any real meaning. Nevertheless it is a huge task and would be impossible to complete given the sheer scale.
4. South East London Mate said...
I live in a private rented flat in Thamesmead, hopefully not related but I don't understand what these people have actually done. Plato, can you please eplain how they can money launder through flats. Thanks
5. plato said...
S E L Mate @4
Sorry ! If you want that kind of info you'll need to ask the police. I can tell you that the origin of 'laundered momey' is by illicit means and specifically to avoid taxation. How it is used is another criminal matter.