A £1.3bn worldwide asset freezing order has been granted against the tycoon accused of fraud after his UK mortgage lending business collapsed. It filed for administration last month amid allegations of fraud, leaving a string of financial firms owed in excess of an estimated £1.3bn. Companies owned by Raja borrowed from a series of financial institutions – including banks and hedge funds – before loaning that cash to MFS, which extended mortgages to customers. Two of the intermediary companies owned by Raja – Zircon Bridging Ltd and Amber Bridging Ltd – were placed into administration, triggering MFS’s own insolvency. MFS’s collapse is the latest credit shock to hit banks and private credit.

Source: The Guardian March 19, 2026 14:10 UTC