A Melbourne man has pleaded guilty to a $79 million dollar home loan fraud conspiracy.
Mohamed Radhi Maki Ebrahim Ahmed, 28, has entered a guilty plea in a committal proceeding at the Melbourne Magistrates' Court, to one charge of conspiring to defraud financial institutions.
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 charge relates to Ahmed's role at Myra and the use of false documents in support of loan applications valued at approximately $79 million.
Ahmed entered a guilty plea to conspiring with Najam Shah, 55, and Aizaz Hassan, 34, to defraud financial institutions through the provision of false documents in support of loan applications submitted on behalf of Myra clients between about December 2009 and December 2011.
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 Commonwealth Bank, Westpac, St George Bank, Bankwest, Bank of Adelaide, ANZ
, Bank of Queensland
, Choice Home Loans
, National Australia Bank, Pepper Homeloans and Suncorp Bank
Ahmed was originally arrested on 19 December 2014 before fronting court this week. He has now been granted bail before he is due to appear at a sentencing hearing in the County Court at Melbourne on 16 April 2015.
Shah and Hassan were arrested and charged on 2 January 2015 with conspiracy to defraud financial institutions. The two men have been granted bail and will appear in the Melbourne Magistrates' Court on 17 April 2015 for a committal mention.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.