Khawar Khan was sentenced to five years in prison while Imran Mirza and Nadeem Mirza were sentenced to four years each in prison. Farhan Khan received a two year sentence. All had originally pleaded guilty to fraud related offences in December 2009.
The criminal gang identified properties across the South-East of the UK to use for false mortgage applications without approaching the owners. The fraudulent mortgages were finalised when false paperwork in connection with 33 mortgage applications was completed in the name of solicitors, Essex based Montague Mason Solicitors, which requested the banks to release funds.
Once the deals were signed off, the funds were transferred into false bank accounts which were controlled by the gang.
The investigation was launched in March 2009 after Abbey and Halifax Bank of Scotland (HBOS) asked the City of London Police to look into the activities of Montague Mason Solicitors.
Searches of houses and properties in Nottingham and London in November 2009 led to arrest of the men and the seizure of almost £100,000 in cash and gold ingots worth £43,000.
Detective Inspector Perry Stokes from the City of London Police, who led the investigation, said: “This was a well planned and executed fraud which resulted in huge losses to the bank. The sentences passed today send a clear message to organised criminal gangs who think that fraud is the business for them. If you are committing fraud, you had better be prepared to go to prison for a long time.”
Detective Chief Superintendent Steve Head, head of the economic crime directorate at the City of London Police, said: “The actions of fraudsters like those convicted today is hurting the whole system and affects all of us. The case also highlights how organised criminal gangs are targeting mortgage fraud, viewing it as a means to make easy money.”
