In connection with $4.9 million fraud caused to Motor Trade Finance Ltd (MTF) seven people have been arrested. These seven culprits have been identified as Mark Whelan, Richard Barnett, Jonathan Chiswell, Clark Lewis, Brett Donaldson, Steward Saunders and Karl Toussaint.

It has been revealed that Whelan, from 2005 to 2009, issued a number of loans under the name of his family members and friends against unauthentic assets as security. Till 2009, the MTF was unable to determine the main culprit behind the frauds but by the help of white-collar investigators their identity has been brought in the public.

The investigation began last September. The MTF announced its profits of $2.9 million for the end of the second quarter of this year. However, a plunge in its loan book was seen. It has been reported that last year, the company's had a loan book worth of $446.1 million.

Among those who have been found guilty for fraudulent activity, Mark Whelan is facing about 25 individual charges and 41 other joint charges under the Crime Act. Meanwhile, it has been reported that Stephen Higgs has replaced Roger Bonifant.