Sunday, April 02, 2006 

ThisisMoney: Lenders drawn into fraud scare BANKS and building societies have been warned by the City's watchdog about a suspected major commercial fraud involving false valuations on property that could result in losses of hundreds of millionss of pounds. The Financial Services Authority has contacted the chiefs of the British Bankers' Association and the Building Societies Association to tell them that a suspected fraud that cost Cheshire Building Society about £10m - and which is now being investigated by the Serious Fraud Office - was probably not a one-off. Lenders as big as Nationwide building society now appear to be embroiled.
posted by Johnny  @ 5:13 PM 0 comments


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