Two Melbourne men have been charged over a multi-million dollar home loan conspiracy following an ASIC investigation into the use of false documents to secure at least 350 loans.
The men, Najam Shah, 55, and Aizaz Hassan, 34, were both charged with conspiracy to defraud. ASIC is alleging the two falsified documents to support loan applications valued at approximately $110 million.
The charges relate to the men’s roles at a Victorian company, Myra Home Loan Pty Ltd trading as Myra Financial Services which has since ceased operation.
It is alleged that between April 2008 and December 2011, Shah and 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 false documents included bank statements, payslips, citizenship certificates and statutory declarations.
ASIC alleged the documents 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 numerous banks including CommBank, Westpac, ANZ, NAB, St George, Bankwest, Adelaide Bank, Bank of Queensland, Choice Home Loans, Citibank, Pepper Homeloans and Suncorp Bank.
The offence carries a maximum penalty of 15 years imprisonment.
Both men appeared before court on January 2 and received conditional bail. They are required to report to police twice a week, hand over their passports and are not allowed to leave Australia.
The men are due to appear before the Melbourne Magistrates’ Court in April.
Shah’s partner and former Myra director, Manija Zayee has also been charged with obtaining a financial advantage by deception.
ASIC alleges Zayee submitted false documents in support of a loan application for a home loan, in her own name, in September 2009.
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