
Two Melbourne-based former directors of a “financial services” company have been arrested after allegedly perpetrating a $110 million home loan fraud.
“These were predominantly used in support of applications for home loans for house and land packages, as well as for the purchase or refinance of existing homes.
“During the period in which it is alleged the conspiracy occurred, at least 350 loans valued at approximately $110 million were submitted and approved on behalf of Myra clients.
“The alleged conspiracy involves submission of false documents for more than 300 loan applications to numerous banks and financial institutions, including the Commonwealth Bank of Australia, Westpac Banking Corporation, St George Bank, Bankwest, Adelaide Bank, ANZ, Bank of Queensland, Choice Home Loans, Citibank, National Australia Bank, Pepper Homeloans and Suncorp Bank.”
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