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Written by rosalind renshaw

A director of a real estate firm, Maple Grow Ltd, has been disqualified from being a company director for 15 years after a mortgage scam.

Mahmood Anwar Yaqub received the ban from Birmingham County Court following an investigation by the Insolvency Service. He was also ordered to pay the Secretary of State’s costs in full.

The investigation found that Yaqub, 48, and two other directors of the company obtained mortgage valuations of £2.59m in respect of six properties, allowing them to get advances of almost £1.8m from Yorkshire Bank.

Yaqub knew that the properties had an actual value of around £962,232 as they had previously been purchased by him or his associates before being sold to their own company. The properties have subsequently been sold for less than £600,000.

Maple Grow went into administration on March 26, 2009, with liabilities of around £3.5m. Five of the properties have since been sold for £532,000 and the sixth property has been valued at £45,000.

Four other directors of Maple Grow have already offered disqualification undertakings totalling 32 years.

Claire Entwistle, director of Company Investigations North, said: “The order given in respect of Mahmood Anwar Yaqub sends a clear message to other company directors: if you run a business in a way that is detrimental to either its customers or its creditors, you will be investigated by the Insolvency Service and removed from the business environment.”

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