Link massive fraud mortgage brokers to main

Link massive fraud mortgage brokers to main

Link massive fraud mortgage brokers to main

Aizaz Hassan, from Truganina, and Najam Shah, from Glen Waverley, has been charged with conspiracy to defraud the four largest banks in Australia and half a dozen other creditors as part of a three-and-a-half-year scheme.
The Melbourne man in alleged $ 110 million mortgage fraud holds a senior position in one of the country's largest mortgage broker network, raising concerns that the true scale of the potential financial loss is unknown.
The Australian Securities and Investments Commission issued a statement on Tuesday outlining the allegations and claimed the scheme involving at least 350 dodgy loans made on behalf of customers.
It is alleged scheme involved massive falsification of documents between 2008 and 2011. The company regulators move to close the company in 2011.
The scheme allegedly made from the loan office Myra Financial Services in Footscray in the west of Melbourne.
Steps which came a few days after he was charged in the Melbourne Magistrates Court '.
Fairfax Media understands a large number of lenders and mortgage brokerage firms scramble to assess the extent of potential damage, after being told Mr. Hassan continued to write loans to its accreditation suspended on Tuesday.
Last year, five people were charged with hundreds of allegations of fraud and fraud for their involvement in a $ 100 million loan scheme alleged. In that incident, allegedly ignoring CBA
evidence repeatedly involve staff in the scheme, and instead seize the victim's home in an attempt to recoup losses.
It is the latest in a series of major incidents, the high-profile targets large lender with a broker or accountant who rely on false documents carried out on behalf of customers.
According to documents with regulators company, Mr. Hassan has held credit license through a number of different lenders since 2011, including RAM, Premium Financial Services and, today, the Australian Finance Group.
A spokesman for AFG said Hassan, 34, has been suspended considering criminal charges and a comprehensive internal investigation is underway into his work.

Fairfax Media can also reveal that the second person in the alleged fraud ring, Najam Shah, declared bankruptcy last month. Financial records show a man with the same name and date of birth also spent four years as a bankrupt between 2003 and 2007 and was known by the alias Najam Zaidi.
His position was as finance and operations manager at Cigna Finance - part of a network of AFG - according to the company's website Cigna it.
ASIC alleges both architects of the complex scheme used Faked documents to take out a home loan from the Commonwealth Bank, ANZ, NAB, Westpac and a number of other creditors.
If convicted they face a maximum penalty of 15 years in prison
"During the period in which he alleged a conspiracy going on at least 350 credits worth about $ 110 million proposed and approved on behalf of the client Myra," ASIC said in a media statement.
Loan applications were allegedly channeled through Myra Financial Services, which has been registered by the partner of Mr. Shah, Manija Zayee.
Property search shows the couple lived in a $ 775,000 home in Glen Waverley purchased immediately after the alleged fraud begins. It was sold for $ 921,800 after the company closed in 2012.
Ms Zayee, 39, has been charged with financial gain with fraud for allegedly using fake documents to receive approval for a home loan.