A "meticulous" fraudster who conned mortgage lenders out of £1.25million to buy a bar of gold was caught by police when he claimed to be the victim.
Abid Hussain, 40, of Victoria Road, Kilburn , re-mortgaged a property he owned for £770,000 and claimed it was fraudulent so he could keep the cash and leave the lender out of pocket.
But the fraudster was caught out and has now behind bars for five years and nine months after he was sentenced at Southwark Crown Court on Friday (August 18).
Detective Constable Richard Kirk, of the Met ’s Complex Fraud Squad led the investigation and said: "A swift investigation has ensured that Hussain will now have time to reflect on what he has done in prison.
"Evidence showed that Hussain had meticulously planned these frauds for some time.
"We are pleased to see he has received a custodial sentence that reflects the seriousness of his offences."
In May 2016, Hussain contacted police claiming that he had been a victim of fraud and reported that a property he owned in North Acton had been sold, without his knowledge or permission, for £480,000.
Officers from the Complex Fraud Squad - part of the Met’s Fraud and Linked Crime Online (FALCON) Unit - launched an investigation and soon established that Hussain himself had sold the property through an apparently legitimate process, and that the funds he had received were from the property company buying the premises.
Hussain then told police that more than £770,000 had been paid into his current account that appeared to be from the re-mortgage of another property he owned.
He denied making the mortgage application and said the account that received the payment didn't belong to him, despite his name being on the account.
Some of the money - £438,000 - was then used to purchase 15kg of gold bullion.
CCTV enquiries revealed that Hussain himself had completed the purchase of the bullion.
Metropolitan Police established that Hussain had made the re-mortgage application himself as he was again captured on CCTV entering the offices of a central London solicitors to complete the mortgage application.
Police still don't know what the gold bar was bought for
Hussain contacted police and provided a false witness statement. By reporting the transactions as fraudulent, he aimed to make them void, leaving the property company and mortgage lender out of pocket.
Hussain travelled to Pakistan in the days after purchasing the bar of gold and is believed to have taken it with him.
Enquiries to establish what happened to the bullion and what he bought it for are ongoing.
Hussain was arrested in June 2016, charged in August 2016, and convicted of two counts of fraud, one count of money laundering and one count of attempting to pervert the course of justice at Southwark Crown Court, on Monday August 14.
The funds were returned to the mortgage company and police are now conducting an investigation under the Proceeds of Crime Act (2002) to recover all the proceeds of the frauds committed by Hussain.
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