Millionaire boxing boss accused of £1.5m mortgage fraud

Scottish millionaire boxing promoter Barry Hughes has appeared in court accused with his wife of committing a £1.5m mortgage fraud.

It is alleged that Hughes and his wife Jacqueline, of Kilmacolm in Renfrewshire, lied about income on mortgage applications totalling almost £1.5m in order to buy three properties, according to reports.

In addition, the couple face several charges under the Proceeds of Crime Act for profiting from the sale of two of the properties.

Hughes and wife both denied the charges when they appeared at Glasgow Sheriff Court. The trial is set to begin 3 October, with the case adjourned to allow time for further investigations.

It is alleged that the couple falsely stated in a mortgage application in 2001 that Jacqueline Hughes earned £60,000 a year in order to obtain a £180,000 mortgage.

In 2004, it is alleged that a further mortgage application claimed she earned £160,000 a year in order to gain a mortgage of almost £430,000.

The third charge alleges that, in 2006, the couple again falsely stated Jacqueline Hughes' income, saying she earned £224,000 a year to obtain a loan of almost £860,000 to buy their 11-bedroom home in Kilmacolm.

In addition, the pair are accused of profiting from the sale of the first two properties, with Barry Hughes said to have used some of the proceeds to buy a car worth more than £80,000 and a watch priced at £30,000.

Jacqueline Hughes is also accused of making £25,000 from renting out the Kilmacolm property.