A former Metropolitan Police fraud detective was jailed for nearly six years yesterday after admitting to fraud relating to 23 buy-to-let properties worth about £3.7m.
According to the Daily Telegraph, in one deal Charles Overend borrowed at least £1.34m for six homes near a river in Surrey, which actually cost around £50,000 less than that amount. He used the help of a solicitor’s clerk and his brother, in one case, to help him claim the houses were valued more than they were worth so he could borrow more than the maximum 85 per cent loan-to-value.
The report states Overend acquired 33 properties when the market was in its peak, in an attempt to forge a property empire.
Judge Nicholas Loraine-Smith, sitting at Southwark Crown Court, told Overend he was “motivated by simple greed”.
His brother, Jonathan Overend, admitted one count of obtaining property by deception and was jailed for 12 months.
The solicitor’s clerk involved, Carrol Thompson, admitted conspiracy to defraud worth £2.1m and was sentenced to 50 weeks in prison, suspended for two years, on condition she perform 200 hours of unpaid work.