Two Melbourne brokers at the centre of a massive fraud investigation have been arrested.
Najam Shah and Aizaz Hassan of Footscray Company Myra Home Loan Pty Ltd have been arrested and charged with conspiracy to defraud, ASIC has revealed. The charges came following an ASIC investigation into the use of false documents to support around $110m in loan applications.
The regulator has alleged that between April 2008 and December 2011, Shah and Hassan conspired to defraud banks by creatng and using false documents in support of home loans and house and land packages. ASIC said the alleged conspiracy involved false documents for more than 300 loan applications to lenders including Commonwealth Bank, Westpac, St George, Bankwest, Adelaide Bank, ANZ
, Bank of Queensland
, Choice Home Loans, Citibank
, Pepper and Suncorp.
If convicted, the men face a maximum of 15 years imprisonment.