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Mortgage fraud confiscation orders

30 August 2012

Fraudsters Saghir Afzal and Ian McGarry who were jailed in June 2011 after admitting they defrauded the Cheshire Building Society, the Bank of Ireland, Societe Nationale and the Nationwide Building Society in a £50 million deception have been ordered by HHJ Beddoe at Southwark Crown Court to pay £29,276,565 and £1,549,448 respectively.

The court accepted evidence that Afzal had considerable assets in Pakistan and potentially in Spain and the USA. He failed to provide the court with information about his assets and did nothing to rebutt the SFO's evidence. He has been given six months to satisfy the order and a default sentence of ten years should he not meet it. He is currently serving a thirteen-year sentence for the fraud.

Ian McGarry has been given six months to comply with the order given to him and the default sentence is six years' imprisonment. He is currently serving a seven-year sentence for his part in the fraud.

Details of their conviction are on SFO press release dated 14 June 2011.