25 people allegedly involved in mortgage scheme

February 8, 2008 3:47:54 PM PST
The Chicago office of the FBI is calling it one of the biggest mortgage fraud schemes ever prosecuted in the Chicago area: Twenty-five people face felonies including mail fraud, wire fraud, money laundering and conspiracy.The indictments claim that more than 150 properties were involved in fraudulent transactions involving more than 25 million dollars.

Prosecutors say one part of the scheme involved laundering at least $700,000 in drug money.

The investigation grew out of the arrest of 47 known and suspected gang members in 2004.