Mortgage brokers face trial for alleged Myra Financial Services $ 110 million fraud

Mortgage brokers face trial for alleged Myra Financial Services $ 110 million fraud

Mortgage brokers face trial for alleged Myra Financial Services $ 110 million fraud

   ASIC alleges they submit bank statements, pay slips, certificate of citizenship and legal declarations on behalf of clients of the now-defunct company Footscray suburb Myra Financial Services, where they work, for loan applications between 2008 and 2011.
Manija Zayee not enter a plea on charges related to the alleged $ 110 million fraud home loan.
Woman indicted on suspicion of involvement in one of Australia's biggest home loan fraud face trial in Melbourne yesterday.
Zayee charged after a lengthy investigation by the Australian Securities and Investments Commission in the activities of mortgage brokers partner Najam Aizaz Hassan Shah and colleagues.
Fraud allegedly involved using false documents to apply for at least 350 credits with various creditors, including the Commonwealth Bank, Westpac, ANZ, National Australia Bank and others.

The company is registered in the name of the Zayee.
Shah was previously registered mortgage brokers and MFAA but Hassan only act as introducer.
Zayee been accused of obtaining financial advantage by deception by submitting false documents to secure a $ 136,000 loan from the Bank of Queensland.
Siobhan Hayden, chief executive of the Mortgage & Finance Association of Australia, said the MFAA SmartCompany realized fraud when Shah and Hassan was arrested.
"It seems that the fraud had been made about validating the credentials of deposits and work," said Hayden.
Hayden said of his discussions with the creditors involved he understands not a single loan with only a few errors in the little delinquent.
"I want as many people to understand how it was done, they've obviously used quite sophisticated system. I have to assume here that consumers are aware of what is being structured for them so that they can secure the loan."


"$ 110 million has not been lost, had been fraudulently obtained but banks are still processing it," he said.
"You can not reduce when one chooses to be a fraud," he said.
Hayden said MFAA not have to cancel the registration of the Shah because it's over two months prior to the exposure of fraudulent charges.
Hayden said people should still have confidence in the integrity of the mortgage broker.
"If every consumer never felt uncomfortable about the services provided by them should contact MFAA to raise attention."
"Almost 52% of the loan to the lender introduced today by brokers, so that consumer confidence in the broker is still high," he said.
ASIC has come under fire for investigation on suspicion of fraud after it was revealed Hassan able to loan write up his accreditation terminated on January 6, 2015.



Hassan appeared before the judge guarantee on January 2, 2015.
The spokesman said ASIC is not a rule of capture the flag would come to the employer or other related parties.
A spokesman for ASIC defend the role of the regulator noted that the investigation Myra Financial Services has been done for several years.
"It would be a lengthy operation, complex and sometimes very sensitive," the spokesman said.
"To do so would increase the risk of interesting people who provide information, even if it was on purpose," the spokesman said.
"There are some important part of the investigation that we can not express."
"It's potentially going to put employers in a compromised position For example, an employer may want to suddenly treat employees differently - perhaps even sack them .."
A congregation committed to Zayee been set for April 17, the same date and Hassan Shah will next appear in court.