Former Royal Bank of Scotland relationship manager Andrew Ratnage has been told he faces a possible jail sentence after entering a guilty plea to two out of three charges relating to a £3m mortgage fraud.
Ratnage, 49, is being tried alongside Raymond Pask, 53, and the pair has been charged with five counts of money laundering, obtaining a property by deception and fraud by abuse of position.
The case was originally brought before the Old Bailey in October, where a hearing saw the pair accused of approving inflated valuations on a series of properties they owned and obtaining a mortgage with a combined figure of over £4m.
The duo also stands accused of funnelling the funds into two special purpose companies –Oasis Property Investments and Oasis Property Trading –between 2005 and 2010.
Records on Companies House show Oasis Property Investments as being incorporated in April 2005 while Oasis Property Trading was set up in January 2008. Both companies are currently in liquidation.
At a plea hearing on 6 December Ratnage pleaded not guilty to the charge of fraud by abuse of position, while pleading guilty to the remaining charges of money laundering, and obtaining property by deception.
The five properties in question were in Barretts Grove and Lidfield Road in Stoke Newington, Rayne Road in Braintree, Roman Road in East London as well as in Whitstable, Kent.
No further developments will be made in the case until Pask is brought before the court next week to enter his own pleas.
RBS declined to comment on the ongoing legal case.