Two jailed for £50m fraud against mortgage lenders
Saghir Ahmed Afzal, aged 49, from Birmingham, was sentenced to 13 years at Southwark Crown Court, London, after admitting two counts of conspiracy to obtain money transfers by deception and four counts of obtaining a money transfers by deception. The Serious Fraud Office (SFO) said he hid £26m in Pakistan under the control of his brother, who is wanted for his part in the scam.
Ian McGarry, aged 42, from Hertfordshire, was jailed for seven years for the same charges, which he had also admitted.
He was a chartered surveyor and was called in by the Afzal brothers to give inflated valuations on properties they bought.
The true value of the buildings was £5.7m, but using the false valuations the brothers were able to borrow £49.3m.
