Arrests made across the Northwest and London in an NCA investigation…

Five men have been arrested across the Northwest and London in an NCA investigation linked to property investment fraud and money laundering
Written by Caroline Walters AICA, Director of Operations, FCS Compliance

Two of the big challenges facing the property industry right now are fraud and money laundering. Money laundering and fraudulent activities are seldom discussed resulting in a disconnect between criminal activities and how these crimes affect victims.  It is difficult to comprehend just how large the risk of money laundering and fraud has become in recent years.  Here is just one story.

A complex investigation by the National Crime Agency (NCA) into a fraudulent property investment scheme has resulted in several arrests which span the country from London to the Northwest.  The group were well organised and are suspected of fraudulently making and laundering millions of pounds by relying on people’s trust.

Audrey Osbourn, 66, and her sons Gary Moore, 44, Clayton Moore, 48, and Ian Moore, 45 were found guilty of multiple counts of fraud and money laundering related offences.  They were each sentenced to three years imprisonment.

In addition to the mortgage frauds, the family secured a number of investors in Dreamscape Homes, including family friends, employees, and Credence customers.  The investors provided around £20k to £104k each.  Some of the investors re-mortgaged their own homes to fund this and received Share Certificates in return.  None of the investors received a return as the land was never developed.

Thorough and comprehensive customer due diligence helps to prevent criminals from laundering millions of pounds through the UK property market and protects victims from losing substantial amounts of money.  In this case victims suffered financial hardship as a consequence of the defendants’ greed.  Other victims described the emotional heartbreak and distress caused to them and their families.

^{Article written January 2024}