A surveyor, who is allegedly part of a multi-million-pound property fraud, has been charged with conspiracy to defraud and been remanded in custody.
The City of London Magistrates Court remanded Richards Stephens, formerly known as Richard Kirkup, until 12 February when he will appear at Southwark Crown Court to enter his plea, along with entrepreneur Edward Davenport and two other men who are also claimed to be part of the fraud.
Gary Leong, counsel for the Serious Fraud Office, said that Stephens, 65, was part of an apparent “fairly clever” advance fee fraud by which the men allegedly conned wealthy and well-known figures by offering loans of up to £250m.
Applicants for the loans – advertised in newspapers, magazines and on the internet – were allegedly charged between £5,000 and £50,000 for a due-diligence check and were then required to make a security deposit of 1-5% of the loan amount.
However, despite paying the required deposits, the prospective clients are alleged to not have received the loan money.
Stephens’ alleged role in the fraud was to act as a surveyor who purported to value the properties on which the loans were needed.
The court was told that Stephens is not a qualified surveyor.
The magistrates refused to grant Stephens bail.
