A £3 million mortgage-fraud scheme is being investigated by the RUC Fraud Squad. The disclosure was made at Belfast Magistrates Court yesterday when an unemployed financial adviser appeared on four charges arising out of bogus mortgage applications.

Mr Gerald Fitzpatrick (51), from Cedar Heights, Bryansford, Newcastle, Co Down, was charged with three counts of conspiring to defraud the Northern Bank of a total of £153,950. He was further charged under the Forgery Act with using a false Alliance and Leicester statement of account to obtain a mortgage.

Bail was opposed by the RUC which said more than 150 fraudulent mortgage applications were being investigated, the majority of them involving people living in west Belfast.

The potential loss to banks and building societies in Northern Ireland, the Republic and Britain, he added, was in excess of £3 million.

Mr Fitzpatrick was remanded in custody until August 13th.