Man faces jail in six-figure mortgage fraud

A man found guilty of orchestrating a mortgage scam faces two years in jail if he fails to repay ill-gotten gains of £91,695 within six months, the Huddersfield Daily Examiner reported.
 

Naseem Iqbal, 34, was met with the ultimatum yesterday at Bradford Crown Court, where Judge Jonathan Durham Hall QC ordered that he is to serve a custodial sentence – and retain the debt - if he does not pay the full amount in time.
 

The report stated that Iqbal had managed to obtain £164,000 from the mortgage scam he carried out in 2004.
At the hearing, the judge was told that Iqbal's benefit from his fraud had been assessed at £708,302.45 and that he had available assets amounting to £53,745.
 

The title reports that it is understood that the fraudster will sell his detached home, though will have to turn to other assets – including a number of personalised number plates – to sell to make up the sum.
 

During proceedings, Judge Hall stated that he had “a dishonest core” as he had avoided paying any tax at all during his criminal spree.
Investigations found that Iqbal had stashed £13,500 in his property which was later seized, and had deposits of over £140,000 in his two bank accounts.
 

Yet the entrepreneur, who lived a lavish lifestyle afforded by his dishonesty, was also found to have concealed assets, including money he hoarded off-shore, totalling £38,000, a sum which forms part of the £91,695 confiscation order.
 

The court heard, according to the title, that he largely funded his expensive tastes with loans from family and friends who were led to believe they were investing in his business.
 

Iqbal pleaded guilty to obtaining a money transfer by deception relating to the mortgage scam, as well as to other allegations relating to criminal property.
The judge told the fraudster that the two-year sentence is a “very serious threat” and the court would be happy to enforce it should he fail to comply with the order.