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The Guardian - UK
The Guardian - UK
Business
Simon Goodley

What is the £1.3bn MFS mortgage scandal and what is private credit?

MFS Alix Partners Amber United Kingdom
Aerial of London featuring Hyde Park and other famous landmarks
Some of the lending linked to MFS is understood to be on high-end London properties. Photograph: lemhartley/Getty Images/iStockphoto

A £1.3bn worldwide asset freezing order has been granted against the tycoon accused of fraud after his UK mortgage lending business collapsed.

Paresh Raja, the founder and chief executive of Market Financial Solutions (MFS), is now barred from dissipating assets worth up to the suspected value of funds allegedly missing from his mortgage and buy-to-let lending company, after orders from courts in London and Dubai.

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