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Protection scheme reveals tenancy deposit fraud

Protection scheme reveals tenancy deposit fraud

Enforcement agencies are being urges to work more closely with Tenancy Deposit Protection (TDP) schemes in the UK in order to crack down on rogue activity from fraudulent landlords and letting agents.

The call comes after the Mydeposits scheme helped prevent over £300,000 worth of tenancy deposits being fraudulently stolen, working closely with enforcement agencies to bring the case to light.

The firm’s chief executive officer Eddie Hooker said that if it wasn’t for their intervention the case in question might not have been brought to justice.

‘It was down to the information, hard work and doggedness that brought these people to justice. We do a lot of work behind the scenes to catch rogue landlords and fraudulent letting agents but often we’re made out to be the bad guys,’ he pointed out.

He explained that over recent years the firm has developed a very comprehensive and effective approach to identifying members who try to bend the rules. ‘We work closely with Police and Trading Standard’s Officers in England and Wales as they seek to understand how the different TDP schemes operate and then obtain sufficient evidence against rogue businesses,’ said Hooker.

‘We caught this case early due to our robust auditing and compliance processes and immediately alerted the police and enforcement agencies. We had to keep pushing the case as initially no one was interested in taking it forward. However, due to our actions no one lost out and all the money was returned,’ he explained.

Mydeposits will continue to work and help those who want to abide by the law and catch those who would otherwise still be free were it not for the support that we have provided to law enforcement agencies,’ he added.

This case comes after Mydeposits forwarded evidence to Milton Keynes Trading Standards last year which helped convict a letting agent who was given an 11 month jail sentence after admitting 25 counts of fraud involving landlords and tenants.
There are over a dozen other cases still underway pending prosecution where Mydeposits are providing support and assistance.

Source: Property Wire




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