The SFO has charged six individuals in relation to a number of high value commercial mortgage frauds. It has been alleged that the defendants participated in a series of frauds whereby they dishonestly obtained loans from banks and building societies that were secured on commercial investment properties. Each property was transferred between companies controlled by one of the defendants at a highly inflated price in a series of transactions. The defendants, having inflated prices and obtained fraudulent valuations and subsequently forged leases, applied for and obtained mortgage advances that amounted to almost £50 million. The mortgages were quickly defaulted on and the lenders suffered significant losses.