Criminals look for mortgages to launder drug cash
Published 04/10/2016 | 02:30
Criminal gangs are trying to launder money by fraudulently obtaining mortgages on homes.
The Irish Independent has learned that gardaí are investigating attempts by criminals to sign up for mortgages using forged bank statements and payslips.
It is believed that the scam involves drug-dealing gangs who are attempting to launder money and get hold of property assets.
A number of banks, including AIB, Permanent TSB and KBC Bank, are understood to be victims of the attempted fraud.
The fake mortgage applications are a bid by criminals to launder money that has been earned illegally. If they can successfully obtain a mortgage, the criminals will be able to launder money every month for years by making the home-loan repayments in cash.
Cases have emerged in north Dublin where high-quality forgeries of bank statements and false payslips have been used in an attempt to get approvals for mortgages. A Garda spokesperson said: "Gardaí in Swords are investigating a small number of separate cases involving attempts to obtain mortgages."