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Alleged Valuation Fraud

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Alleged fraud in the valuation of commercial sites has lead to an investigation by the Serious

Fraud Office.

Ian McGarry, the London-based head of valuations at the £410 million company’s Dunlop Haywards subsidiary, was arrested by police last week after a raid on his home. He was released on bail after questioning. Mr McGarry has been suspended by Dunlop Haywards, which has closed its valuation office in Bow Lane, Central London, where he worked, and transferred staff to its West End premises.

Two weeks ago, Cheshire Building Society disclosed that a suspected £10 million property fraud had blown a hole in its annual profits.

The alleged fraud relates to a loan secured on three commercial properties for which Dunlop Hayward provided a valuation. The Macclesfield-based building society was advised that the properties were worth £16 million, but a new assessment has put their value at considerably less.


The Times

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Lets hope a few more Lenders start to notice that they have been ripped off. May be then they will start to take loan security (as in doing proper checks) seriously. Numpties!

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