Jonathan Phelan, head of retail enforcement at the FSA, said: “Mr Ahmed’s actions were blatant and posed a serious risk to lenders. Our crackdown on mortgage fraud is gathering pace – we have banned around 30 mortgage brokers over the last two years, and we will continue to ban people who commit mortgage fraud, in order to stamp out this behaviour.”
The FSA found that Mr Ahmed submitted two mortgage applications containing false information about his income from his firm, Eastside Mortgages. On his various mortgage applications he declared self-employed annual income from Eastside of approximately £50,000 between 2003 and 2007, but he declared negligible amounts of income to Her Majesty’s Revenue and Customers over the same period.
