Mortgage fraud cases hit London courts

At the Old Bailey on 30 September, two former Royal Bank of Scotland executives appeared in court, accused of pulling off a £4m mortgage fraud.

The prosecutor said Andrew Ratnage, 49, and Raymond Pask, 53, used their senior positions at the bank to approve a string of valuations for homes they owned.

They allegedly inflated the values of the properties to obtain excessively large loans for five properties. These were in: Barretts Grove and Lidfield Road, in Stoke Newington, North London; Rayne Road, in Braintree, Essex; Roman Road in Mile End, East London; and Middle Wall, in Whitstable, Kent.

The pair are accused of funnelling money into two companies, Oasis Property Investments and Oasis Property Trading, between July 2005 and May 2010.

Mr Pask, who was regional director of RBS after a 33-year career, and Ratnage, a relationship manager, both appeared in the dock at the Old Bailey.

They spoke only to confirm their names during the brief hearing, and were granted unconditional bail to return on 6 December to enter pleas.

Mr Ratnage, of Brentwood, Essex, and Mr Pask, of Loughton, Essex, face five counts of fraud by abuse of position, money laundering, and obtaining property by deception.