Two Melbourne-based former directors of a “financial services” company have been arrested after allegedly perpetrating a $110 million home loan fraud.
According to a statement from ASIC, 55-year old Najam Shah and 34-year old Aizaz Hassan have been charged following an investigation by the regulator into the use of false documents in support of loan applications.
“It is alleged that between April 2008 and December 2011, Mr Shah and Mr Hassan conspired to defraud banks and other financial institutions by creating and using false documents to support loan applications submitted on behalf of Myra clients,” the statement said.
“The false documents included bank statements, payslips, citizenship certificates and statutory declarations.
“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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