Ilford mortgage fraudsters convicted of scamming £38,000 from vulnerable families
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Two mortgage fraudsters who preyed on vulnerable families desperate for a home loan are facing jail.
Jamsahid Butt, 32, of Roden Street, Ilford, and Ali Hussain, 40, of Wilmington Road, Barking, fleeced more than £38,000 from customers trying to get a foot on the property ladder.
They claimed their firm The Mortgage Centre could improve the credit rating of buyers who had previously been turned down for loan and get them a mortgage.
TV adverts that targeted the Asian community in Redbridge, and a shop in Cranbrook Road, Ilford, gave their outfit credibility.
Desperate borrowers lost thousands of pounds in upfront payments when mortgages they were promised never materialised.
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Today at Snaresbrook Crown Court Butt was convicted of fraudulent trading and Hussain was found guilty of conspiring to defraud.
Victim statements were read out in court before their sentencing next week.
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Mohammed Nasir, who lost £4,600, said: “I felt that I was a fool to be taken in by the fraud.
“I felt I lost myself, I got depression and felt sick and drowsy.”
Mohammed Imran lost £2,000 to Hussain’s company.
“At the time we were living in a small rented flat but we had to move out so we were desperate.
“We had to sell a lot to save for the deposit. In the end they just stole our money.”
Nick Ham, prosecuting, told the court: “This was a deliberate targeting of the financially vulnerable.
“The way that this company was run was by deliberately going for people who found it hard get a mortgage.”
Timothy Clark defending Hussain said he has spent four weeks in custody and found it “clearly trying”.
“He has six children aged two to 12, and a wife, whose mother is dependent upon him.”
Judge Sarah Paneth will sentence them on April 5.