Men charged over alleged $ 110m loan conspiracy home in Melbourne

Men charged over alleged $ 110m loan conspiracy home in Melbourne

Men charged over alleged $ 110m loan conspiracy home in Melbourne

The regulator said that at least 350 home loans worth about $ 110 million was submitted and approved on behalf of the client Myra during the period of the alleged conspiracy.
ASIC alleges that the false documents including pay slips, bank statements, certificate of citizenship and legal declaration.
Mr. Najam and Mr. Hassan ran Myra Home Loans Pty Ltd (trading as Myra Financial Services) in Footscray in Melbourne during the period of the alleged fraud.
ASIC alleges that more than 300 loan applications containing false documents submitted to financial institutions, including the four major banks, their subsidiaries, major regional banks and other institutions.
Mr. Shah and Mr. Hassan was given bail on condition report to the police twice a week, to surrender their passports and did not attend the international departure points.
Partners and former director Myra Mr Shah Manija Zayee also charged with financial gain by fraud in connection with the alleged use of forged documents to support the home loan application on its own in September 2009.
Both men will appear in the Melbourne Magistrates Court on April 17.
He is scheduled to appear in court on 27 January.

consumer alert

Mortgage Broker South Wales New Moustafa Dandachli of Georges Hall pleaded guilty in 2013-10 accusations provide false loan applications to lenders for loans worth nearly $ 3.8 million for six months, and was sentenced to two-year good behavior bond and permanent prohibition of activities credit.
A number of other mortgage brokers have received a ban for the same error.
Consumer Action Law Centre Gerard Brody said his organization had seen the number of clients coming through the doors that have been affected by mortgage fraud.
"We heard from a dodgy brokers who say things like, 'We'll get your loan approved when other brokers will not'," he told ABC's PM program.

This is not the first case of ASIC has been run over alleged mortgage fraud, though is the largest so far.
"The Bank has a standard approval criteria and if it meets the criteria of consumer loans to go through, but if additional work must be done to the application to get it through then that might be questionable."
"One problem if the consumer does not receive any loan scams is that they may not be able to pay the loan in the first place and that probably means they have trouble paying back the loan and, if they are in that situation, significant arrears, the bank, under terms of the contract and credit protection, can take steps to call the loan and even sell to property in a situation like that, "he warned.
"The bank could also consider whether the consumer is involved in fraud and refer the matter to the police."
He said that the borrower does not have to face the consequences if they actually know anything about the false information in an application submitted by a broker, but they must check the accuracy of the documents they signed.