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The fraud came to light last year following reports from banks and building societies when the properties came to be either sold or re-possessed and the true property value was realised by the lender.

Eleven arrests were made as part of an investigation by the Metropolitan Police's money laundering team between May and November last year.

It is alleged a company bought 84 off-plan new build flats in Thamesmead, south-east London, and resold them at inflated prices.

In most cases, it is alleged the buyers would not otherwise have qualified for a mortgage.

Mohamed Alie Barrie, 38, of Pinewood Close, Dartford, has been charged with conspiracy to defraud, conspiracy to money launder and money laundering.

Brad Sean Fisher, 42, of Tiptree Crescent, Ilford, has been charged with conspiracy to defraud and two counts of money laundering.

Sofiyah Ahmed, 26, of Howard Road, Walthamstow, has been charged with conspiracy to defraud.

George Sourou, 42, of The Crescent, Ilford, has been charged with conspiracy to defraud and five counts of money laundering.

Stuart Joseph, 62, of Furham Field, Pinner, has been charged with conspiracy to defraud and false accounting.

Dean Aladapo Dairo, 44, of Eastern Avenue, Aveley, Romford, has been charged with conspiracy to defraud and false accounting.

Two men have been released without charge, while three men have remained on bail.

Those that remain on bail include a 40-year old man who was arrested in north London on suspicion of laundering the proceeds of crime.

He was found in possession of a briefcase containing 152,000 Euros and $2000 US dollars.

A 28-year old man who was arrested in north London on suspicion of laundering the proceeds of crime is on bail. He was found in possession of a carrier bag containing £100,000 cash.

Also remaining on bail is a 39-year old man who was arrested on suspicion of money laundering offences.

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