Melbourne mortgage brokers charged over alleged $110 million fraud following ASIC probe
TWO Melbourne men have been charged over an alleged $110 million fraud involving fake home loan applications.
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TWO Melbourne men have been charged over an alleged $110 million fraud involving fake home loan applications.
The two mortgage brokers, Najam Shah, 55, of Glen Waverley, and Aizaz Hassan, 34, of Truganina, were arrested and charged and face up to 15 years jail.
The men allegedly used fake documents to apply for at least 350 loans with numerous lenders, including the Commonwealth Bank, Westpac, ANZ, National Australia Bank and others, the Australian Securities and Investments Commission says.
Bank statements, pay slips, citizenship certificates and statutory declarations were submitted on behalf of clients from the now defunct suburban Footscray company Myra Financial Services, where the men worked.
The loan applications were made between 2008 and 2011.
Mr Shah and Mr Hassan have been charged with one count each of common law conspiracy to defraud.
Both men have appeared in the Melbourne Magistrates Court and were bailed to reappear in April, on condition that they report to police and surrender their passports.
Ms Manija Zayee, Mr Shah’s partner, was also charged with obtaining a financial advantage by deception by submitting false documents for a home loan.
Originally published as Melbourne mortgage brokers charged over alleged $110 million fraud following ASIC probe
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