A TWO-year investigation by the police s Stevenage money laundering team into a multi-million pound complex fraud case has come to a successful conclusion with the sentencing of four people involved in the scam. Between 2005 and 2008, Daud and Dele Macaul

A TWO-year investigation by the police's Stevenage money laundering team into a multi-million pound complex fraud case has come to a successful conclusion with the sentencing of four people involved in the scam.

Between 2005 and 2008, Daud and Dele Macaulay were responsible for a �2 million mortgage fraud.

Police enquiries found that Daud Macaulay was responsible for introducing a number of people to his brother Dele, a Financial Services Authority-registered broker, who promised to obtain mortgages for them despite knowing they did not have the funds available.

Working with Felix Taggert, an accountant, Dele Macaulay ensured the mortgage applications were put through with false details regarding the applicants' employment and income. These properties were then bought as investments for the applicants to rent out.

The Macaulays were also involved in fraudulently purchasing a number of properties for themselves, including homes in Great Ashby, Stevenage and in Norwich. Both have admitted lying about their incomes to obtain the funds to buy these homes.

Mabel Barnes lied on her mortgage application regarding her income to obtain a �247,495 mortgage on a property which she rented out in Great Ashby, Stevenage. She was given a suspended prison sentence.

The Macaulays and Taggert were sent to prison at Luton Crown Court this week.

Detective Inspector Paul Watts, of the Stevenage money laundering team, said: "This has been a complex and detailed investigation and I am delighted it has reached a successful conclusion.

"These four people all played their part in this large scale mortgage fraud and acted dishonestly for their own selfish gains. Dele Macaulay broke the position of trust he held as a registered mortgage broker and I am pleased that he has been banned from practising.

"I hope this case illustrates how seriously Hertfordshire Constabulary takes mortgage fraud and the type of action those responsible can face.