Nine people have been arrested on suspicion of mortgage fraud worth around £40m.
A police investigation has centred on a now defunct mortgage broker, Eastbourne Financial Services.
Early this morning, police arrested eight men and a woman on suspicion of fraud at addresses in North London and Sussex.
Investigations are being carried out on mortgages secured on 500 homes across Southern England, worth up to £40m.
According to the FSA register, a firm named Eastbourne Financial Services Ltd had its authorisation withdrawn on 3 March 2009.
Early reports suggest the City of London Police were tipped off by the regulator.
Contact: John Bakie, Tel: 020 7484 9805, e-mail: John.Bakie@incisivemedia.com
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