Melbourne-based finance broker Aizaz Hassan has pleaded guilty to a $110 million dollar home loan fraud conspiracy.
The charge follows an ASIC investigation into finance broking company, Myra Home Loan Pty Ltd, trading as Myra Financial Services, located in Footscray, Victoria.
The conspiracy involved the creation of false documents, including payslips, bank statements, citizenship documents and statutory declarations, submitted in support of at least 350 loan applications to numerous financial institutions, including the four major banks.
According to the ASIC investigation, between about March 2008 and August 2010, Hassan’s role in the conspiracy involved the creation and use of false documents to support loan applications, submitted on behalf of Myra clients, valued at approximately $110 million.
Hassan entered the guilty plea during an appearance at the Melbourne Magistrates' Court on 9 September 2015, and follows his arrest and charge in January 2015. He is currently on bail and is required to appear at the County Court at Melbourne on 14 October 2015.
Hassan is the second broker to plead guilty in ASIC’s case against Myra Financial Services. In March, Mohamed Radhi Maki Ebrahim Ahmed pleaded guilty to his role at Myra and the use of false documents in support of loan applications valued at approximately $79 million.
There is also a third man involved in the Myra multi-million dollar conspiracy, who is yet to face court. Najam Shah was also arrested in January 2015 and charged with conspiracy to defraud financial institutions. He is currently on bail and will be appearing in the Melbourne Magistrates' Court on 28 September 2015 for a contested committal hearing.