Man Arrested For Fraud After Setting Up Fake Companies For 12 Mortgages Worth $3.7 Million

Photo: Getty/ John Moore

A 50-year-old Sydney man is facing 25 fraud charges in a mortgage scam that let him take out home loans worth $3.69 million.

The NSW Fraud Squad arrested the Glenfield man yesterday and charged him with 12 counts of obtain money by deception, and 13 counts of use false instruments with intent.

The fraud was discovered by Strike Force McMaster, which is investigating alleged mortgage and equipment finance fraud, where a number of dummy companies were set up and fake invoices are used to obtain finance.

Police will allege the man obtained 12 residential mortgage loans using false and forged documents between 2003 and 2005.

Detective Superintendent Arthur Katsogiannis said Strike Force McMaster was an ongoing investigation and further arrests are expected.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.