As more and more fraudulent rings of mortgage professionals are uncovered, the latest fraud  to emerge comes from north of the border as Lothian and Borders police announce that they  have arrested and charged a former footballer over an alleged mortgage fraud worth £355,000. 

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42 year-old Graeme Davidson, who played for Dunfermline Athletic and Berwick Rangers, was captured during a police probe last week.

Police have reportedly arrested three other people: Michael Rutherford, also aged 42, and  two women, aged 41 and 42, following a series of property raids in Edinburgh and  Musselburgh.

According to Scottish newspaper, the Daily Record, officers have stated that they have already identified £2.3 million in assets for potential seizure. £3,000 cash has also been  recovered.

Detective Chief Inspector, Robert Cowper, said that the arrests were part of an ongoing  operation into fraud and money laundering in the area, adding: “Money laundering provides  individuals concerned with serious organised crime the opportunity to hide their ill-gotten  profits. Lothian and Borders Police will not tolerate serious organised crime.”    

Between 1988 and 1989, Graeme Davidson played for Dunfermline before being transferred to  Berwick Rangers, where he totted up 135 appearances in five years.