Aurangzeb Asghar, Majid Iqbal, Mushtaq Ahmed and his brother Fayaz Ahmed face a total of 13 charges, reported the Bradford Telegraph and Argus.
Prosecutor Timothy Capstick claimed that for six years, Iqbal was laundering money through various bank accounts. “This forms the background to the offences concerning the mortgages in respect of all three properties,” said Capstick.
He added that the mortgages were obtained in the names of Asghar and Mushtaq Ahmed.
Fayaz Ahmed was involved in the financial transactions that took place on the three properties.
Capstick told the jury: “You will hear evidence that significant sums of cash were paid into the bank accounts of all four men. We suggest they had no, or insufficient, legitimate income that would explain where those significant cash deposits came from.
“The inference is the money must have come from an illegitimate source, and amounts to criminal property.”
The defendants plead not guilty to all charges, which include conspiracy to defraud, conspiracy to transfer and convert criminal property, transferring criminal property, converting criminal property, and acquiring criminal property.
The trial continues.
