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Solicitors warned over fraud after £4.6 million property court case

A land data group is urging solicitors to be extra vigilant over false paperwork connected with property deals after seven men appeared in court over a £4.6 million real estate scam dating back to 1998.

The warning comes after seven men appeared at the Edinburgh High Court to deny a multimillion pound fraud scheme involving false paperwork in property deals dating back to 1998.

The fraud scheme is said to be linked to the offices of solicitors' firms, development and investment companies, a mortgage advisor and a chartered surveyor.

It is alleged that they obtained money, mortgages and property by completing mortgage application forms giving false purchase prices and backing up the pretence with false valuation reports.

The Money Laundering Regulations, which came into force since December 2007, require solicitors firms to take a risk based approach to compliance. 'Firms that fail to ensure that their risk assessment and risk management procedures properly address the potential risks that they face are more at risk from criminals seeking to exploit their procedures in order to launder criminal funds,' a spokesman for the Landmark Information Group said.

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