Dubai lifts travel ban on MFS owner Paresh Raja

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Dubai lifts travel ban on MFS owner Paresh Raja: FT

June 27, 2026

DUBAI,— The travel ban imposed on Paresh Raja, the owner of collapsed UK mortgage provider Market Financial Solutions (MFS), has been lifted, according to people familiar with the matter, The Financial Times reported.

Raja had been required to remain in Dubai after administrators of the failed lender secured a worldwide freezing order and travel restriction against him earlier this year.

The measures followed allegations that at least £1.3bn had been taken from the Mayfair-based company.

While the restriction on travel has been removed, the freezing order remains in effect. Under its terms, Raja was prohibited from spending more than £5,000 per week without approval and was required to disclose details of assets valued at more than £10,000.

Two people familiar with the matter said the travel ban had been lifted, allowing Raja to travel freely.

Four people familiar with the matter said he has spent a significant amount of time in Monaco in recent weeks.

The collapse of MFS in February unsettled financial markets and raised concerns about underwriting practices linked to some of the world’s largest financial institutions.

The failure is being investigated by the UK financial regulator, while the Bank of England has been questioning lenders under its supervision regarding any exposure to the business.

Separately, the UK’s accountancy watchdog is examining several small firms that approved financial statements for parts of Raja’s wider lending operations.

Among the creditors to MFS are Barclays, Jefferies and Apollo’s structured credit arm Atlas SP Partners.

Together with other lenders, they provided more than £2bn to the mortgage company, which had promoted its ability to provide loans of up to £50mn within as little as three days.

Those creditors are now attempting to determine the value of their collateral amid allegations of double-pledging that have been raised in court proceedings.

In a lawsuit brought against Raja in London’s High Court, MFS, acting through administrators representing creditors, alleged that the company had been subjected to the systematic plundering of a multimillion-pound property finance business by the person responsible for leading it.

Creditors are facing an alleged shortfall of £1.3bn. Administrators have said approximately £250mn cannot be accounted for after identifying a network of borrowers that appeared to be connected to Raja.

Administrators further alleged that Raja misappropriated at least £1.3bn to support a lavish lifestyle, including the purchase of numerous luxury vehicles.

The collection allegedly included at least three Aston Martins, two Mercedes, six Ferraris and three Rolls-Royces.

Last month, London’s High Court approved the sale of eight supercars from Raja’s collection for £1.625mn.

Raja denies the allegations and has consistently maintained there was no fraud or dishonesty, according to his spokesperson. A spokesperson declined comment on the lifting of the travel ban.

In May 2026, a report said UAE bank FAB faced insolvency risks linked to a London property collapse connected to MFS.

(With files from The Financial Times, ft.com)