WORLDVIEW: New criminal scourge targets houses to let – brick and mortar theft

My colleague Jackie Cameron started her career on the crime beat, which is probably why she is such an ace at uncovering the crooks. Over the years I've been close while her fearless investigating nailed the Fidentia crooks and numerous others..Her contribution today focuses on a new white collar crime that involves houses out for letting, name changing through deed polls and the spiriting away of funds into a global crime syndicate's black hole. Fascinating and alarming at the same time..Jackie Cameron writes: "We South Africans might think our home country has an unmatchable reputation for high crime. That might well be the case for murder, robbery and other violent acts. But when it comes to white collar crime, the Brits give South Africans more than a run for their money..___STEADY_PAYWALL___.Britain boasts a large army of smooth-talking con artists and dodgy marketers. They have proven to be very effective at extracting huge sums from unsophisticated consumers as well as those you'd think would know better..This has been brought home to me a few times recently, starting with the revelation from a cousin who pays around £30 a month to block unsolicited calls from predatory marketers and opportunists preying on his 82-year-old mother. The callers sell everything from a no-win-no-fee offer from law firms on the hunt for insurance pay-outs through to bogus shares..Nowhere is it perhaps more evident that British crooks are a highly innovative bunch than in the statistics tracking the rise of property fraud..More than 700 UK residential properties were stolen last year, according to the Land Registry office, with thieves successfully registering themselves as the lawful owners in transactions that passed through unsuspecting estate agents and lawyers..This type of crime, called property hijacking, is particularly prevalent in London's leafy boroughs, with many landlords of properties valued at £1m and more finding their properties disappear from under their rental agreements..It is spreading fast, too, with the Land Registry reporting that roughly £25m-worth of resident property was stolen this way in the year to April..Here's how one steal bricks-and-mortar British conman style: The gang goes in search of a suitable property to rent. They sign the lease and move in..They live happily, diligently paying their rent on time and in full and looking after the home. At the same time they change their name by deed poll to the same details of the property owner. Then, they put the house on the market and look for a cash buyer or, occasionally, mortgage the property..With names matching the details at the Land Registry, it is apparently easy to get ownership transferred. Funds from these high value home 'frauds' tend to end up in the Middle East and elsewhere, though the photographs of the fraudsters indicate that the crooks are often respectable-looking locals..By the time the crime is discovered, money has disappeared through the international banking system and lengthy battles inevitably follow..According to reports the original owner usually gets his or her house back while the unsuspecting cash buyer loses all his or her money. In some cases, the conveyancers have been made liable for the losses, but it's messy for everyone involved. Identity theft can also play a role, with forged passports in the mix..It is so easy for con artists to hijack properties that the Land Registry has an alert service so that true owners can now be warned that a sale is pending. Authorities note that the most vulnerable owners include those living abroad and without mortgages on their real estate..More than 60,000 owners have registered for the service. If you're among the many South Africans who own property in Britain and are renting it out from afar, it's probably a good idea to sign up too (here's the link).".Great insights from Jackie. But the way news travels nowadays, it won't be too long before SA's gangsters try the same thing, So if you're in the market for a new home, pay close attention. It's got to the stage where double checking has become not negotiable..PS: Daily Maverick is looking to host five Biznews Premium subscribers at The Gathering to be held at Cape Town's CTICC on 3 August. They've requested the Gupta brothers attendance, but confirmed speakers include former Finance Minister Pravin Gordhan, SaveSA's Sipho Pityana and a host of others. The first five people to send an email to stuart@biznews.com will each receive a ticket.

WORLDVIEW: New criminal scourge targets houses to let – brick and mortar theft

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