Seven cleared of £3.5 million mortgage fraud
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Six men and a woman were cleared today of taking part in a
£3.5 million mortgage fraud.
The scam was said to have involved transforming hard-up home
hunters into apparently wealthy property buyers.
London's Southwark Crown Court was told a major building company
allegedly helped by providing false valuations.
But apart from one defendant who said he had not been involved at
all, those on trial explained they had either done nothing wrong or
never suspected anything amiss.
Jurors trying the two-month case took less than five hours to
decide they were telling the truth and returned not guilty
verdicts.
Several burst into tears as they were cleared, as did a number of
their relatives and supporters in the public gallery.
In the dock were Mohammed Barrie, 39, and his 29-year-old brother
Muctaru, both of Pinewood Place, Dartford, Kent.
The first, who was accused of helping "recruit" purchasers for the
flats, told the court he had "no knowledge" of any fraud and
believed he was simply involved in "legal transactions".
His brother, alleged to have been a cash courier, said the Crown's
allegations were completely without substance.
Also on trial were mortgage brokers George Sourou, 43, of The
Crescent, Ilford, and Brad Fisher, 44, of Tiptree Crescent, Ilford,
Essex.
The first explained he had been too busy to carry out any of the
work handed to him by missing alleged mastermind Alim Barry, and
handed it to Fisher instead.
For his part Fisher told jurors he "did nothing wrong" and never
suspected anything amiss.
Another broker, Sofiyah Ahmed, 28, of Howard Road, Walthamstow,
east London, said in evidence that as far as she was concerned she
had done nothing wrong either and had always "worked within the
rules".
Chartered accountant Dean Dairo, 48, of Eastern Avenue, South
Ockendon, Essex, who was accused of preparing bogus accounts for a
number of the purchasers, said nothing could have been further from
the truth. They were genuine clients and he had acted for them for
a number of years.
Solicitor Okwuchukwu Izuchukwu, 45, of Earlham Grove, Forest Gate,
east London, explained he too had "no idea anything wrong was going
on".
The lawyer, Mohammed Barrie, Dairo, Fisher, Sourou and Ahmed were
all cleared of conspiracy to defraud mortgage lenders between
October 1 2005, and November 1 the following year.
In addition, Izuchukwu and Mohammed Barrie were cleared, together
with his brother Muctaru, of plotting to launder money.
An eighth defendant, Stuart Joseph, 65, of Furham Field, Pinner,
Essex, who admitted seven specimen counts of false accounting, will
be sentenced on a date to be fixed.
Richard Mandel, prosecuting, said the case centred on a riverside
block of 84 flats in Thamesmead, south-east London, built and
completed in 2006.
During construction it was sold for a bargain £15,838,000 to
Alim Barry, allegedly creating a "golden opportunity" to make
"breathtaking" profits by selling the apartments for up to 64%
above the original purchase price.
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