MFS Founder Accused of Pocketing £408 Million Before Mortgage Firm Collapsed

The owner of collapsed mortgage lender Market Financial Solutions Ltd. allegedly used money borrowed from Wall Street banks to amass a personal property empire and a cash fortune of at least £408 million ($552 million), according to a lawsuit filed by officials winding down the UK firm.

Paresh Raja transferred the cash to bank accounts in Monaco, the United Arab Emirates, Singapore and the UK controlled by him and his wife before the firm imploded, according to a claim in a London court. He also used a network of nominee directors to build a £950 million property portfolio for himself and “others,” the officials said.