Police chief jailed for BTL fraud

The Telegraph reported yesterday that a 46 year old police chief, Charles Overend a specialist detective constable with 23 years of exemplary service for the Met; was jailed for nearly 6 years for committing a huge buy-to-let fraud.

Overend obtained millions of pounds through deception in order to acquire a 33 property portfolio worth millions.

Now Overend, with his background should have a known better. A policeman has a duty not only to uphold the law but to set an example. He clearly failed and rightly has paid the price.

Conspiracy of interests

However, my point would be that he is not alone in his guilt.

At the time, the media noise buoyed by programs such as Sarah Beenies "property ladder" was deafening. We were all pummeled by stories of millionaire property magnets that started with nothing , bought property, most importantly weren't scared of borrowing, and made a mint.

Debt was good, debt was cheap. Lenders were falling over themselves to lend. Surveyors were desperate to value property at whatever value you wanted as long as their masters allowed, the banks wanted to lend more.

It was only the lazy or the inept that sat around & did nothing whilst others got on and made a future for themselves. Even 'good socialists' like Tony Blair & his cronies were doing it.

If the music hadn't come to such an abrupt end the likes of Overend may have got away with it.

I suspect the unfair thing is that there are lot more like him, who because mortgage companies do not want the hassle of dealing with their own ineptitude will get away with it. Properties will be repossessed. Balance sheets rebuilt & we all will move on.

My point is that Overend is a criminal no doubt; but he also is a victim of a wider conspiracy and an age old vice. Greed.

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