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A former relationship manager at the Royal Bank of Scotland may be facing a jail sentence for his part in a £4 million mortgage fraud.

Andrew Ratnage, 49, pleaded guilty to charges of money-laundering and obtaining property by deception.

He pleaded not guilty to a third charge, of fraud by abuse of position.

The case, originally brought before the Old Bailey on 30 September, also involves another former RBS executive, Raymond Pask, who was regional director of RBS after a 33-year career.

The two men are accused of inflating valuations on a series of properties and obtaining mortgages worth a combined figure of over £4 million.

They are also accused of channelling the funds into special purpose companies Oasis Property Investments and Oasis Property Trading between 2005 and 2010.

The five properties in question were spread across Stoke Newington, Braintree, east London and Whitstable, Kent.

Pask will enter his own pleas before the court next week.


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