What is the £1.3bn MFS mortgage scandal and what is private credit?

A worldwide freezing order has been imposed on Paresh Raja, the owner of a UK mortgage provider

A £1.3bn worldwide asset freezing order has been granted against the tycoon accused of fraud after his UK mortgage lending business collapsed.

Paresh Raja, the founder and chief executive of Market Financial Solutions (MFS), is now barred from dissipating assets worth up to the suspected value of funds allegedly missing from his mortgage and buy-to-let lending company, after orders from courts in London and Dubai.