A gang has appeared in court accused of orchestrating a GBP140 million fraud by conning banks into handing over money for fake fibre optic cable contracts.

Five men and a woman were allegedly involved in a four-year conspiracy to scam banks including Barclays and KBC Bank into handing over massive loans.

Warrington-based Total Asset Finance Ltd is said to have been at the centre of the conspiracy. It is alleged the firm claimed to be offering contracts purported to be entered into by H2O Networks.

But the contracts did not exist in the form they claimed, it is alleged.

London's Southwark Crown Court heard that Stephen Dartnell, 58, who ran Total Asset Finance, was at the heart of the fraud.

It is alleged he gave backhanders to Simon Mundy, who worked at KBC, to help secure GBP140 million in loans from the bank.

It is unclear how much money Barclays was allegedly conned out of.

Dartnell is said to have conspired with Elfed Wynn Thomas, 53, George Alexander, 47, Carl Cumiskey, 53, Kerry Ann Lloyd, 48, and Mundy, 48, to commit fraud by false representation between January 2007 and November 2010 against KBC.

Dartnell, Alexander, Lloyd and Cumiskey are also accused of conspiracy to commit fraud by false representation against Barclays.

And Dartnell, Lloyd and Mundy are also accused of conspiring to give corrupt payments.

Thomas, from Conwy, North Wales, Alexander, of Cotton Street, Manchester, Cumiskey, of Waverton, Chester, and Dartnell, of King's Lynn, Norfolk, sat at the back of court for the hearing.

They were joined by co-defendants Lloyd, of Ormskirk, West Lancashire, and Mundy, of Stockbridge, Hampshire.

A plea and case management hearing will be held on June 12 at Southwark Crown Court.