UK’s MFS Accused of Using Front to Defraud Barclays, Castlelake

A company closely aligned with Paresh Raja’s now-defunct mortgage lender Market Financial Solutions was allegedly used to siphon off funds from entities backed by Barclays Plc and a firm majority owned by Brookfield Asset Management Ltd.

Twinwin Ltd. appears to be controlled by Raja and used to “perpetrate fraudulent wrongdoing” despite being owned and run on paper by an accountant named Khemanand Hurhangee, according to legal filings. The allegations were unveiled as part of a successful attempt by creditors of the MFS group to force Twinwin into insolvency.